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Dec 07, 2023
Utilizing the right financing options available is incredibly important to all farming operations. Having the right financing in place is key to ensuring that your operation runs smoothly and is financially stable. As such, the relationship between an ag operation and its lender is quite important.
While working with a single lender for all of your financing needs can build a strong and effective working relationship, there are real benefits to working with several lenders that should not go overlooked.
Here are six advantages of working with multiple lenders:
Having a Backup Lender Ready: If something were to change at your primary lender that could impact or alter the terms of your financing agreements, it can be very beneficial to have another lender with whom you are already familiar in order to make any necessary pivots.
Multiple Experts: One of the most undervalued products lenders provide is advice. The more lenders that you interact with, the more wisdom you will have access to.
Increased Flexibility: Maintaining multiple lending relationships provides a greater variety of options and overall flexibility. Because not all lenders carry the same offerings, having access to numerous lenders increases the avenues to capital at your disposal.
Lender Specialty: Various lenders have different focuses, whether it be on operating loans, equipment, land loans, other capital opportunities or a specific industry. Borrowing from specialized lenders can be a good way to ensure you are getting the best solution for your unique needs.
Varying Structures and Offerings: Different lenders will offer different rate and term options on their products. Working with multiple lenders can empower you to find what fits your operation the best.
Competition: Having multiple lending relationships allows you to obtain the best possible financing. If a lender wants your business and senses you are talking to other options they are likely to enhance their offer to you in the hope that you will work with them.
Choosing who you work with to finance your operation is very important. At FBN Finance, it is our mission to maximize the potential of your operation.
Our loan advisor team would be happy to talk to you about your current farm finances, any opportunities for optimization, or any other questions you want to discuss. With an average of 15+ years of ag finance experience, FBN loan advisors understand your needs, as many are farmers themselves! They are well-equipped to make sure you get the solution that best fits your needs. Click here or complete the form below to get started.
Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, and “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc.
Terms and conditions apply. FBN Finance, LLC commercial operating lines of credit are offered by FBN Finance, LLC and are available only where FBN Finance, LLC is licensed. Equipment financing provided by Ritchie Bros. Financial Services, Ltd. and TCF National Bank. Land financing provided in connection with Farmer Mac. Input financing provided in connection with our financing partners. To qualify for a financing offer, a borrower must be a member of Farmer’s Business Network, Inc. and meet the underwriting requirements of FBN Finance, LLC and its lending partners. All credit is subject to approval and underwriting. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.
Dec 07, 2023