kwc27
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|  | Best line of credit provider
« Thread Started on Feb 8, 2010, 11:04am » | |
Just curious about what you guys think is the best place to apply for an operating line of credit for my farm. I already have a small line of credit at my local bank at 6.5%. I also do business at Wells Fargo and a credit union near me. My land mortgage is with Farm Credit.
What about Farm Plan and Rabobank? You guys have any other suggestions?
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tractor8100
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Gender: Male
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Location: EC Kansas
| | Re: Best line of credit provider
« Reply #1 on Feb 8, 2010, 1:24pm » | |
I would suggest talking to both Farm Credit and Rabo. You have a mortgage with Farm Credit, so it would be best to spread it around. If your Wells branch does ag loans and has a good reputation for taking care of farmers, in your area, check with them also. I doubt the credit union is set up for ag, but if they are, check there also. See a pattern here?
There is not best, just what is best for you and you won't know that until you go face them and get a feel for their attitude. Sometimes, and in some areas, farm credit will require an operator to do all their ag business with them, but since you got the land loan first, you have the option of getting your operating loan somewhere else.
If your local bank is big enough to handle your total operation, they may be the best bet and least brain damage. Check with them first, now that I look at your total post again.
Feel free to call me if you want to.
www.3MAgriculturalLoans.com
I am the California contact on our people list.
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gm
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Posts: 79
| | Re: Best line of credit provider
« Reply #2 on Feb 8, 2010, 7:38pm » | |
We cover all our financial in one place, but once a year I shop around to see if I get treated right and since 1984 I have had no need to switch. It sure makes the paperwork easy, also if I need money really fast because we are buying land or equipment I can get most of the work done with one phone call because they know my operation inside and out, not a lot of explaining needed.
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weedkiller
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Location: Western ND
| | Re: Best line of credit provider
« Reply #3 on Feb 9, 2010, 9:13am » | |
Best advice dad ever gave me was to never have all of your eggs in one basket. Even if you have a million dollar operating line and a five million dollar land note, next time you buy a vehicle, finance it through a different bank. You need to have a history with at least one other bank other than your main lending institution, because once a bank thinks you wouldn't go anywhere else, then they have you.
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Born in a barn,
Work like a slave,
Farmin wheat fields,
Is all I crave. |
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nosworc
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Posts: 265
Location: Western Oregon
| | Re: Best line of credit provider
« Reply #4 on Feb 9, 2010, 10:01am » | |
Absolutely would agree, I've been with the same one for years and it seems like they just want more and think they own you. In the process right now of movin it to another bank
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mvpfarms
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Posts: 403
Location: Crookston, MN
| | Re: Best line of credit provider
« Reply #5 on Feb 9, 2010, 10:25am » | |
Personnaly I got away from FCS 3 years ago and couldn't be happier. I got frustrated when I figured out that the people you talk to aren't allowed to give you an answer when you need it. I moved to a smaller local bank chain, have a banker that is my age and will give me an answer while I am in the office. Oh and we talk more in a month than I ever did with my FCS guy.
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