Do your ag loans have prepayment penalties?
No, none of our ag loan products have standard prepayment penalties on early payoffs, as long as the payment is made at the regular payment time (quarterly, semi-annually, annually).
How much does Bankers South charge if my farm loan is not approved?
Nothing. There is no cost for the initial in-house underwriting of your agricultural loan application.
What loan types do you offer?
To best suit your agricultural project, Bankers South offers loan types ranging from 7-year terms to more traditional, 25-year fully-amortized loans to our outstanding operating line of credit.
What makes AgAmerica farm loans so special?
Interest rates for these loans often beat all other agriculture loan programs. Interest rates can be as low as 2.61% depending on the loan product. AgAmerica also does not require loan renewals, where you have to pay for new appraisals, gather financial documents all over again, etc. every few years. Once you’re approved, you are set up for long term. Not having to “rest” your Line of Credit is another great way AgAmerica stands out! Not having to pay down your Line once a year allows you to keep your capital where it needs to be – in your business.
How long does the loan process take?
No loan, borrower, or collateral is the same, but if you are up against a deadline, let us know upfront and we can help you speed up the process! Depending on how complicated the loan, funding is usually taking around 60 days. This includes if an appraisal is needed and if there are multiple borrowers and entities. If all of financial information is ready to go and an appraisal has already been performed, we have closed loans in 30 days.
How do loan payments work?
We offer flexible payment methods, including annual, semi-annual, and monthly payment options.
What does my credit score need to be?
For our AgAmerica Lending program, we need a minimum credit score of 680. We have some credit repair options if a credit score happens to be a bit below this. Or you can possibly add a co-borrower to help with that.
What do these loans cover?
AgAmerica loans cover all facets of farming, from smaller blueberry farms to vast cattle ranches. When it’s time to plant your next row crop, expand your citrus groves, plant timber or start buying more cattle, these loans are a great choice. Also, if you wish to refinance your ag loan or are tired of having to renew your loan once a year, these loans are a solid option.
Can I finance an agricultural facility?
Yes, we offer financing options for ag facilities such as dairies, feedlots, poultry barns, hog farms, grain facilities, packing plants, and restoration projects.
Do you have an office in my area?
Bankers South is a Florida-based company. While we may not have an office in your area, we can use an appraiser in your area. We also have Correspondent Lenders spread around the Southeast. Just give us a call to find out more about your local rep. Being an established ag lending company, we have a local presence where it matters and the ability to assist your project.
What is an equity LOC?
An equity “Line of Credit” is an operating line that can be used to finance your ag operation and is secured by the equity you have in your land. Unlike typical LOCs where you need to go through the approval process every year, our operating lines are valid for 10 years with no annual “resting period” required and with rates as low as 2.61%.
Do I have to pay off the balance of my LOC annually?
No. Once approved, our LOC is valid for 10 years with no “rest period” or requirement to be repaid every year. You also have the option of “terming out” the balance of your Line for up to 15 years, at the end of the 10 years.
Bankers South is proud to be the only lender in the Southeast authorized to offer AgAmerica Conventional Real Estate Loans. For more information, please complete this initial form.