| Sources of Ag Credit |
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| Introduction |
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This publication provides a brief overview of various institutional credit sources, their respective eligibility and loan approval criteria, and contact information. Interested borrowers should follow up with lenders to obtain more details.
The first section “Preparing a loan application,” contains common information that creditors will request when a loan application is made. The prospective borrower is encouraged to prepare and evaluate financial statements before filing an application. This can help identify strengths and weakness of the proposal and options to discuss with lenders.
Non-commercial sources of credit may also be an option for the prospective borrower. Private transactions, such as land sales contracts, are quite common in Oregon. Additionally, dealers of farm inputs such as seed, fertilizer, ag chemicals, and farm machinery often carry lines of credit or financing terms for these products. However, this publication does not provide specific information about these alternatives. You may want to check directly with such dealers about credit availability.
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| Preparing a loan application |
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All lenders will request credit information when you apply for a loan for agricultural purposes. The forms you are required to complete may vary in appearance and format, but the basic information will be the same.
Following, are some general guidelines to help you evaluate your loan proposal. By knowing what a lender is looking for, you may be better prepared to discuss your needs and the strengths of your request.
Lenders generally review two categories of information:
- the credit-worthiness of the borrower
- the financial information associated with the loan.
Each of these areas contain several components, some of which are briefly described below.
Credit-worthiness
An evaluation of credit-worthiness includes a review of your credit history, repayment record, experience and training, etc. Generally, lenders will obtain a credit report from a credit reporting agency to review your credit history. You may want to obtain such a report for your own use to verify the information. Errors are not uncommon and many people have found they cannot get loans because of an erroneous credit report. The following credit reporting companies can provide you a copy of your report. Usually a fee of about $30.00 is required.
Experìan
1-888-397-3742
http://www.experian.com/experian_us.html
First American CREDCO
1-800-887-3535
http://www.facredco.com
NACM-Oregon, Inc.
1-800-622-6985
http://www.nacm-or.org
Financial information
Depending on the purpose of the loan (operating, farm purchase, capital improvement, expansion, etc.), lenders may require different financial statements about the operation.
The two most common financial statements required by lenders are the balance sheet and the income statement. Some lenders also require a cash flow statement, particularly if the loan is for operating purposes. These documents can be obtained from most any lender, and many variations exist. It is strongly suggested that the prospective borrower complete and evaluate financial forms before making a loan application.
Any USDA Farm Service Agency (FSA) office will have financial forms which might be used (the Farm and Home Plan form), whether or not you are a borrower of FSA. These forms are generally more detailed than those used by commercial lenders. However, they provide a good format to evaluate the operation and the loan request. Any Farm Credit Service office or local bank will also have their respective financial forms. Other sources of financial forms include County Extension Offices, Oregon State University Department of Agricultural and Resource Economics, 541-737-2942, Chemeketa Community College Farm Business Management Program in Salem, 503-399-5089, and Blue Mountain Community College Farm Management Program in Pendleton, 541-276-1260.
The balance sheet
A balance sheet lists the assets and liabilities of the farm and the owner/operator. It documents the net worth (difference between assets and liabilities), and provides information to calculate various ratios measuring the solvency (or long-term financial strength) of the operation, and the liquidity (or short-term financial status) of the operation.
Debt-to-asset ratio
Once debts and assets have been totaled, the debt-to-asset ratio can be computed. This measures the amount of total debt compared to total assets. Lenders prefer this ratio to be less than .45, meaning the operation should have no more than 45 percent debt compared to total assets.
- Debt-to-asset ratio = total debts÷total assets
- Preferred ratio = less than .45
Other ratios that lenders will evaluate include the liquidity ratio, the cash flow margin, and debt service coverage.
Liquidity ratio
The liquidity ratio is calculated by dividing current assets by current debts. This measures the ability of the operation to meet debts which are payable in the near future. Lenders prefer this ratio to be no less than 1.25. In other words, at least a 25 percent margin should exist between short-term obligations (accounts payable, accrued interest and notes payable within 12 months, taxes, etc.) and the value of short-term assets, such as cash-on-hand, savings accounts, crops and feed or livestock held for sale.
- Liquidity ratio = short-term assets÷short-term debts
- Preferred ratio = 1.25 or higher
The next ratio requires the preparation of a cash flow statement. Lenders prefer that a monthly cash flow statement be prepared for at least one year. This statement shows the expected cash outflows and inflows throughout the coming year, detailing when additional moneys may be needed, and when surplus income will be available to repay debt.
Lenders are looking to see if the projected operation can support all necessary operating costs, living expenses (unless these are provided by an outside job or other source), and repay borrowed funds on a timely basis.
Cash flow margin
The cash flow margin is computed by subtracting monthly (or annual) cash expenses from gross cash income, then dividing by monthly (or annual) expenses. Lenders prefer a 15 to 25 percent margin. In other words, monthly (or annual) cash income should exceed cash expenses, including interest payments on debt, by 15 to 25 percent.
- Cash flow margin = [gross cash income - cash expenses (including interest)]÷total cash expenses
Debt service coverage ratio
The debt service coverage ratio is computed after completing an income statement. This ratio shows the income generating ability of the operation toward servicing the total debt. The calculation uses net cash farm income (plus interest) divided by debt payments (principal and interest). Lenders prefer this ratio to be 1.15:1 to 1:25:1.
- Debt service coverage = [net cash farm income + interest]÷interest and principal payments.
- Net cash farm income = net farm income, plus depreciation and net off-farm income, less living expenses and income taxes.
This discussion of lender qualifications for agricultural loans has covered only a few of the items which lenders evaluate. Other considerations include the experience and management skills of the operator/borrower, the value of property to be purchased, market conditions, and other subjective factors.
However, by completing financial forms ahead of time, evaluating the strengths and weaknesses of the application, and keeping good records the prospective borrower will enhance the probability of obtaining a loan and better understand the decision process of the lender.
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| Cascadia Revolving Fund |
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1901 NW Market St.
Seattle, WA 98107
Phone 206-447-9226
Fax 206-682-4804
Web http://cascadiafund.org/generalinfo.html
Email info@cascadiafund.org
Description
Cascadia is a nonprofit membership organization that operates a loan program with the mission of supporting sustainable agriculture and community-based economic development. The loan program serves farms, cooperatives, small businesses, including food processing and value-added. In addition to lending for established farms, Cascadia works with some farms and businesses that have been denied credit from other lenders.
Areas of service
Pacific Northwest
Type of loan: Equipment
Minimum and maximum limits
No minimum/$150,000 maximum
Current percent
Prime + 4%
Loan to value ratio
80% (higher negotiable)
Collateral
Title to vehicle or UCC/EFS filing
Loan description
Financial information is assessed on a case-by-case basis with consideration for industry and scale.
Type of loan: Operating loan/seasonal usage
Minimum and maximum limits
No minimum/$150,000 maximum
Current percent
Prime + 4%
Loan to value ratio
80% (higher negotiable)
Collateral
Title to vehicle or UCC/EFS filing
Loan description
Financial information is assessed on a case-by-case basis with consideration for industry and scale.
Type of loan: Expansion/relocation
Minimum and maximum limits
No minimum/$150,000 maximum
Current percent
Prime + 4%
Loan to value ratio
80% (higher negotiable)
Collateral
Second mortgage on farmland
Loan description
Financial information is assessed on a case-by-case basis with consideration for industry and scale.
Offices
Cascadia Revolving Fund, Portland Office
936 SE Ankeny St. #1Portland, OR 97214
Phone 503-235-9635
Fax 503-235-1233
Web http://cascadiafund.org/generalinfo.html
Email info@cascadiafund.org
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| Farm Credit Services |
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650 Hawthorne Avenue, S.E., Suite 210
P.O. Box 13309
Salem, OR 97301
Phone 503-373-3000, 503-373-3014 or 1-800-426-9994
Fax 503-373-3005
Web http://farm-credit.com
Email mhatley@farm-credit.com
Description
Farm Credit Services is a cooperative lending institution established by the U.S. Congress in 1916 to make credit more available to the country’s farmers and ranchers. Borrowers are required to invest up to $1,000 in capital stock as a requirement for the loan. All types of loans are offered to full-time farming and ranching operations (other lending programs are available to part-time farms and rural residents).
Type of loan: Operating loan
Minimum and maximum limits
No maximum or minimum
Current percent
Varies; depends on terms, loan quality, market conditions
Loan description
Approval Criteria: “We consider all credit factors and their relationship when evaluating a loan request, including cash flow, liquidity and solvency positions, usage of funds, experience of the borrower, credit history, and repayment ability.”
Type of loan: Revolving Line of Credit
Minimum and maximum limits
No maximum or minimum
Current percent
Varies; depends on terms, loan quality, market conditions
Loan description
Approval Criteria: Same as above. Requires exemplary credit factors to qualify; credit line up to 36 months; repayment restores the available commitment.
Type of loan: Intermediate-term loans
Minimum and maximum limits
No maximum or minimum
Current percent
Varies; depends on terms, loan quality, market conditions
Loan description
Approval Criteria: Same as above. Equipment, livestock, and related loans with terms from 1 to 10 years. Fixed or variable rates. Leasing programs are also offered on equipment.
Type of loan: Real estate loans
Minimum and maximum limits
No maximum or minimum
Current percent
Varies; depends on terms, loan quality, market conditions
Loan description
Approval Criteria: Same as above. 10-30 year terms; requires first lien on eligible real property as Collateral. Fixed rate and adjustable rate programs are available.
Offices
Baker Farm Credit Services
3370 10th Street, Suite B
P.O. Box 698
Baker City, OR 97814
Phone 541-524-2920 or 800-443-9314
Fax 541-524-2925
Central Point Farm Credit Services
650 E Pine St., Suite 106A
Central Point, OR 97502
Phone 541-665-6100
Harrisburg Farm Credit Services
120 Smith St.
Harrisburg, OR 97446
Phone 541-995-3520
Hillsboro Farm Credit Services
2345 NW Amberbrook Drive
Suite 100
Beaverton, OR 97006
Phone 503-844-7920 or 800-213-8555 (Oregon only)
Fax 503-844-7924
Klamath Falls Farm Credit Services
300 Klamath Avenue, Suite 200
PO Box 148
Klamath Falls, OR 97601
Phone 541-850-7500 or 800-406-4550
Fax 541-850-7505
Ontario Farm Credit Services
378 W Idaho Ave.
Ontario, OR 97914
Phone 541-823-2660
Pendleton Farm Credit Services
1 SW Nye
Pendleton, OR 97801
Phone 541-278-3300
Redmond Farm Credit Services
559 S 7th St.
Redmond, OR 97756
Phone 541-504-3500
Roseburg Farm Credit Services
2222 NW Kline St.
Roseburg, OR 97470
Phone 541-464-6700
Salem Farm Credit Services
650 Hawthorne Avenue SE, Suite 210
PO Box 13309
Salem, OR 97309-9831
Phone 503-373-3001 (credit)
Phone 503-373-3002 (corporate accounts)
Phone 503-373-3000 (financial services)
Phone 503-373-3003 (appraisal)
Fax 503-373-3005 (financial services)
Fax 503-373-3004 (credit)
Fax 503-373-3006 (corporate accounts)
The Dalles Farm Credit Services
701 Hostetler St.
The Dalles, OR 97058
Phone 541-298-3400
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| Farm Service Agency |
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7620 SW Mohawk Street
Tualatin, OR 97062-8121
Phone 503-692-6830, Ext. 256
Fax 503-692-8139
Web http://www.fsa.usda.gov/or
Email lynn.voigt@or.usda.gov
Type of loan: Operating loan (OL)
Minimum and maximum limits
No minimum, $200,000 maximum
Current percent
~3.875% subject to change
Loan to value ratio
Up to 100% of FSA appraised value
Loan description
To be eligible an applicant must be a US citizen, have an acceptable credit history, have sufficent farming experience, be unable to get credit from other sources, not delinquent on any federal debt, have not caused forgiveness of regular agency debt, and is limited to family sized farming operations. There must be adequate security and a feasible plan of operation must be developed based on proven records.
Note: Direct loans are available only if guaranteed loans are not.
Type of loan: Farm ownership (FO)
Minimum and maximum limits
No minimum, $200,000 maximum
Current percent
~5.50% subject to change
Loan to value ratio
Up to 100% of FSA appraised value
Loan description
Same as a regular OL loan, but the applicant must have significantly participated in the business operations of a farm or ranch for at least three years.
Note: Funding for direct FO loans is limited. Direct loans are only available if guaranteed loans are not.
Type of loan: Beginning farmer down payment (FO) loan
Minimum and maximum limits
No minimum, $100,000 maximum
Current percent
~4.00%
Loan to value ratio
Up to 40% of purchase price or appraised value, whichever is less.
Loan description
Same as a regular FO loan, but the applicant must have significantly participated in the business operations of a farm or ranch for at least three years and less than 10 years, and does own a farm or ranch larger than 30% of the averaged sized farm or ranch in the County. Applicant is required to make a 10% cash down payment. Loan amount cannot exceed 40% of the purchase price, supject to a maximum purchased price of $250,000. Maximum loan terms are 10 years. the remaining 60% of the purchase price can be financed through a guaranteed FO loan, nonguaranteed loan, or seller financing.
Type of loan: Guaranteed loan
Minimum and maximum limits
No minimum, $813,000 maximum (adjusted annually)
Current percent
Set by the loan to value ratio
Set by the loan description
Must meet criteria set by originating lender (bank, credit union, Farm Credit Services, etc.); meet FSA eligibility requirements, have adequate security, and have a feasible plan of operation.
Type of loan: Interest assistance program
Minimum and maximum limits
No minimum, $813,000 maximum (adjusted annually)
Type of loan: Beginning farmer & rancher land contract guarantee pilot program
Minimum and maximum limits
No minimum, $500,000 maximum purchase price
Current percent
Rate on the land sales contract cannot exceed more than 3% above the established direct FO rate (~5.50%, subject to change).
Loan description
To be eligible the buyer must meet the general eligibility requirements for a direct FO loan, meet the requirements for a beginning farmer (substantially participated in the business operations of a farm for at least 3 years but less than 10 years), buyer must provide a 5% down payment, and contract payments based on 20 year repayment terms.
Offices
Baker County Farm Service Agency
3990 Midway Drive
Baker City, OR 97814-1453
Phone 541-523-3621
Fax 541-523-2184
Gilliam/Wheeler County Farm Service Agency
333 S Main, PO Box 467
Condon, OR 97823-0467
Phone 541-575-1274
Fax 541-575-0646
Coos/Curry County Farm Service Agency
376 N Central Blvd.
Coquille, OR 97423-1244
Phone 652-396-4323
Fax 652-396-5106
Polk County Farm Service Agency
580 Main St., Suite A
Dallas, OR 97338-1512
Phone 503-623-2396
Fax 503-623-6335
Wallowa County Farm Service Agency
209 NW 1st St., PO Box 387
Enterprise, OR 97828-0387
Phone 541-426-4521
Fax 541-426-4789
Lane County Farm Service Agency
780 Bailey Hill Rd., Suite 5
Eugene, OR 97402-5451
Phone 541-465-6443
Fax 541-465-6483
Morrow County Farm Service Agency
430 Heppner-Lexington Hwy, PO Box 786
Heppner, OR 97836-0786
Phone 652-676-9011
Fax 541-676-9624
Washington/Columbia County Farm Service Agency
1080 SW Baseline, Suite B-3
Hillsboro, OR 97123-3823
Phone 503-648-3174
Fax 503-681-9772
Harney County Farm Service Agency
530 Hwy 20 W, PO Box 1200
Hines, OR 97738-0908
Phone 541-573-6446
Fax 541-573-1740
Grant County Farm Service Agency
721 S Canyon Blvd.
John Day, OR 97845-1054
Phone 541-575-1274
Fax 541-575-0646
Klamath County Farm Service Agency
2316 S 6th St., Suite C
Klamath Falls, OR 97601-4340
Phone 541-883-6924
Fax 541-882-9044
Union County Farm Service Agency
10507 N McAllister Rd., Room 2
La Grande, OR 97850-9801
Phone 541-963-4178
Fax 541-962-1022
Lake County Farm Service Agency
17612 Hwy 395
Lakeview, OR 97630-9602
Phone 652-947-2367
Fax 541-947-2070
Yamhill County Farm Service Agency
2200 W 2nd St.
McMinnville, OR 97128-9185
Phone 503-472-1474
Fax 503-472-2459
Jackson/Josephine County Farm Service Agency
573 Parsons Dr., Suite 101
Medford, OR 97501-1103
Phone 541-776-4270
Fax 541-776-4295
Sherman County Farm Service Agency
302 Scott St., PO Box 305
Moro, OR 97039-0305
Phone 541-565-3551
Fax 541-565-3414
Malheur County Farm Service Agency
2925 SW 6th Ave.
Ontario, OR 97914-0338
Phone 541-889-9689
Fax 541-889-4304
Clackamas/Multnomah County Farm Service Agency
256 Warner Milne
Oregon City, OR 97045-4096
Phone 503-655-3144
Fax 503-656-3143
Umatilla County Farm Service Agency
1229 SE 3rd Ave.
Pendleton, OR 97801-4197
Phone 541-278-8049
Fax 541-278-8048
Deschutes/Crook/Jefferson County Farm Service Agency
625 SE Salmon Ave., Suite 3
Redmond, OR 97756-9580
Phone 541-923-4358
Fax 541-923-4713
Douglas County Farm Service Agency
2440 NW Troost St., Suite 201
Roseburg, OR 97470-2085
Phone 541-673-6071
Fax 541-672-3818
Marion County Farm Service Agency
3867 Wolverine St., Bldg. F., Suite 1
Salem, OR 97305-4267
Phone 503-399-5741
Fax 503-399-5799
Linn/Benton/Lincoln County Farm Service Agency
33630 McFarland Road
Tangent, OR 97389-9627
Phone 541-967-5925
Fax 541-928-7345
Wasco/Hood River County Farm Service Agency
2325 River Rd., Suite 1
The Dalles, OR 97058-3551
Phone 541-298-8559
Fax 541-296-7868
Tillamook/Clatsop County Farm Service Agency
6415 Signal St.
Tillamook, OR 97141-9622
Phone 503-842-2848
Fax 503-842-2760
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| Harvest Capital Company |
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PO Box 579
675 NW 2nd Ave., Suite 7
Canby, OR 97013
Phone 503-263-6616
Fax 503-266-6003
Web http://harvcap.com
Email admin@harvcap.com
Description
Harvest Capital Company functions as originators and direct correspondent lenders for many types of agricultural and agribusiness real estate and facility loans. As an accredited Originator and Servicer in the Farmer Mac Loan Program and as direct correspondents for life insurance companies, we have the ability to service any size long-term agricultural mortgage loan request that meets the above criteria. Our lending expertise extends not only to ag long-term debt and working capital lines of credit, but also to private placement of complicated agribusiness term-loans. For additional information, please contact Harvest Capital Company.
Areas of service
Oregon, Idaho, Washington, Montana
Type of loan: Ranch real estate
Minimum and maximum limits
No maximum or minimum
Current percent
Varies, depending on terms, loan quality, etc.
Loan to value ratio
70% maximum with most loans at 50% loan-to-value
Debt to asset ratio
50% or less
Overall debt coverage ratio 1.25:1 or better
Loan description
15-20 year amortization depending upon type of security and borrower’s needs.
Current ratio 1:25 to 1 minimum
Debt coverage 1:1 to 1.25:1 or better
Type of loan: Farm real estate
Minimum and maximum limits
$250,000/no maximum
Current percent
Varies, depending on terms, loan quality, etc.
Loan to value ratio
70% maximum with most loans at 50% loan-to-value
Debt to asset ratio
50% or less
Overall debt coverage ratio 1.25:1 or better
Loan description
15-20 year amortization depending upon type of security and borrower’s needs.
Current ratio 1:25 to 1 minimum
Debt coverage 1:1 to 1.25:1 or better
Type of loan: Agribusiness processing real estate
Minimum and maximum limits
No maximum or minimum
Current percent
Varies, depending on terms, loan quality, etc.
Loan to value ratio
70% maximum with most loans at 50% loan-to-value
Debt to asset ratio
50% or less
Overall debt coverage ratio1.25:1 or better
Loan description
15-20 year amortization depending upon type of security and borrower’s needs.
Current ratio 1:25 to 1 minimum
Debt coverage 1:1 to 1.25:1 or better
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| Oregon Bankers Association |
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777 13th Street SE, Suite 130
Salem, OR 97301
Phone 503-581-3522
Fax 503-581-8714
Web http://oregonbankers.com
Email tperrick@oregonbankers.com
Description
Commercial banks predominantly focus farm lending toward production/operating loans and equipment or intermediate loans. Each bank has its own set of approval criteria and application forms.Some commercial banks in Oregon provide agricultural credit. Individuals interested in discussing ag credit requests should contact their local bank.
Offices
Willamette Community Bank
PO Box 927
Albany, OR 97321
Phone 541-926-9000
Bank of Astoria
PO Box 28
Astoria, OR 97103
Phone 503-325-2228
Pinnacle Bank
8880 SW Nimbus Ave., Suite D
Beaverton, OR 97008
Phone 503-644-3000
Bank of the Cascades
PO Box 369
Bend, OR 97709
Phone 541-385-6205
Citizens Bank
PO Box 30
Corvallis, OR 97339
Phone 541-752-5161
Liberty Bank
PO Box 10426
Eugene, OR 97440
Phone 541-681-4801
Pacific Continental Bank
PO Box 10727
Eugene, OR 97440
Phone 541-686-8685
Oregon Pacific Banking Company
PO Box 22000
Florence, OR 97439
Phone 541-997-7121
Siuslaw Bank
PO Box 280
Florence, OR 97439
Phone 541-997-3486
Home Valley Bank
PO Box 817
Grants Pass, OR 97526
Phone 541-955-7082
MBank
PO Box 504
Gresham, OR 97030
Phone 503-674-3101
Bank of Eastern Oregon
PO Box 39
Heppner, OR 97836
Phone 541-676-9125
Banner Bank
PO Box 1185
Hermiston, OR 97838
Phone 541-564-4205
Columbia Community Bank
PO Box 725
Hillsboro, OR 97123
Phone 503-693-7500
Community Bank
PO Box X
Joseph, OR 97846
Phone 541-432-9050
South Valley Bank & Trust
PO Box 5210
Klamath Falls, OR 97601
Phone 541-880-5200
West Coast Bank
5335 SW Meadows Rd., Suite 201
Lake Oswego, OR 97035
Phone 503-598-3243
People’s Bank of Commerce
750 Biddle Road
Medford, OR 97504
Phone 541-774-7657
Premier West Bank
PO Box 40
Medford, OR 97501
Phone 541-776-7480
Oregon Coast Bank
PO Box 2280
Newport, OR 97365
Phone 541-265-9000
Albina Community Bank
2002 NE Martin Luther King Jr. Blvd.
Portland, OR 97212
Phone 503-287-7537
American Pacific Bank
315 SW 5th Ave.
Portland, OR 97204
Phone 503-517-3526
Bank of America
121 SW Morrison, Suite 1700
Portland, OR 97228
Phone 503-275-1250
Bank of Tokyo-Mitsubishi, Ltd.
1211 SW 5th Ave., Suite 2300
Portland, OR 97204
Phone 503-222-3661
Capital Pacific Bank
805 SW Broadway, Suite780
Portland, OR 97205
Phone 503-796-0100
Keybank, NA
1211 SW 5th Ave., Suite 300
Portland, OR 97204
Phone 503-790-7506
Town Center Bank
10413 SE 82nd Ave.
Portland, OR 97266
Phone 503-788-8181
Umpqua Bank
200 SW Market St., Suite 1900
Portland, OR 97201
Phone 503-546-2490
Union Bank of California
601 SW 2nd Ave., Suite 1800
Portland, OR 97204
Phone 503-295-3600
US Bank
PO Box 4412
Portland, OR 97208
Phone 503-275-6934
US Trust Co., NA
4380 SW Macadam Ave., Suite 450
Portland, OR 97201
Phone 503-228-2300
Washington Mutual
851 SW 6th Ave., Suite 230
Portland, OR 97204
Phone 503-231-3024
Wells Fargo Bank
PO Box 3131
Portland, OR 97208
Phone 503-886-1770
West Coast Trust Co.
1000 SW Broadway, Suite 1100
Portland, OR 97205
Phone 503-279-3911
Community First Bank
PO Box 447
Prineville, OR 97754
Phone 541-447-4105
Bank of Salem
PO Box 847
Salem, OR 97308
Phone 503-585-5290
Pioneer Trust Bank
PO Box 2305
Salem, OR 97308
Phone 503-363-3136
Willamette Valley Bank
PO Box 2747
Salem, OR 97308
Phone 503-485-2222
Clackamas County Bank
PO Box 38
Sandy, OR 97055
Phone 503-668-5501
Silver Falls Bank
PO Box 99
Silverton, OR 97381
Phone 503-874-8808
Columbia River Bank
401 E 3rd St., Suite 200
The Dalles, OR 97058
Phone 541-298-6633
Mid-Valley Bank
PO Box 583
Woodburn, OR 97071
Phone 503-981-0100
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| Pacific Intermountain Mortgage Company (PIMC) |
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2420 Main St, Baker City, OR 97814
Telephone: 541-523-4079 or 208-365-3110
Fax: 541-523-8854
e-mail: pimc@uci.net
Description of loan services
Provides long-term real estate loans to farmers and ranchers. Originates and services loans for the Farmer Mac I programs and the FSA guaranteed loan programs. PIMC is the contract agent for Old West Federal Credit Union, and the Malheur Federal Credit Union. Both are approved for the FSA Preferred Lender Program.
Loan purposes
Purchase real estate, refinance debt, and land or building improvements.
Areas of service
Operates primarily in Eastern Oregon, Southwest Idaho, Nevada, and Eastern Washington State.
Type of loan
Long-term real estate loans.
Minimum and maximum limits
No minimum amount. Maximums vary, but can be up to $5,000,000 for the Farmer Mac I program. The maximum limit with the participation of an FSA guarantee loan is $852,000.
Current percent interest
Interest rates vary depending on payment, term, loan quality, and market rates published by underwriters.
Loan to value ratio
Ordinarily, loans will not exceed a range of 60.0 to 70.0 percent of loan to value. Any loan approved with more than this range of value, must clearly possess compensating strengths in other credit factors.
Collateral
Farm and ranch property.
Office locations
Baker City, Oregon
2420 Main St
Baker City, OR 97814
541-523-4079
Emmett, Idaho office
208-365-3110
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| Prudential Agriculture Investment Office |
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7108 North Fresno Street #400
Fresno, CA 93720
Phone 559-437-3262
http://www3.prudential.com/businesscenter/realestate/pmcc/whoweare/agricultural.html
Description
Prudential is actively pursuing loans which meet the criteria below. Local lenders originate the loans, depending on the size, then sell the loans to Prudential. In most cases, the local lender continues to service the loan and receive payments. Prospective borrowers may contact Prudential at the phone/address above to obtain a list of participating lenders.
Areas of service
Willamette Valley (Portland to Eugene) and Hood River area (north central Oregon).
Type of loan: Farm property
Minimum and maximum limits
$500,000 up
Current percent
Varies, depending on terms, loan quality, etc.
Loan to value ratio
70 percent maximum
Debt to asset ratio
50 percent maximum
Overall debt coverage ratio 1.25:1 or better
Current ratio 1:1 or better
Debt coverage 1:1 or 1.25 or better
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