FBN® Finance Expands Digital Ag Lending Offerings As It Surpasses $1B in Capital Financed
FBN launches Bridge Loan offering to provide farmers with powerful tool for land purchases
SAN CARLOS, Calif.–(BUSINESS WIRE)–Farmers Business Network (FBN®), the global AgTech platform and farmer-to-farmer network, announced the launch of its new bridge loan offering by FBN Finance, which provides farmers with yet another valuable solution when it comes to financing.
Closing a traditional land loan can be a lengthy process: typically taking up to 60 to 90 days to close, often due to the time it takes to complete an appraisal. A bridge loan is an expedited land loan that allows borrowers to secure financing and close on land purchases often on a much shorter timeline than more traditional land loans. The bridge loan acts as a “pre-approval” and enables the buyer to move forward in a manner similar to a cash buyer.
With a Bridge Loan from FBN Finance, a buyer could close on a purchase in as little as 3 weeks* as opposed to potentially up to 3 months. This product is a powerful tool for buyers who are facing tight timelines on potential land purchases and want to be as competitive as possible. Additionally, the potential to close quicker is a strong negotiating tool and may allow a buyer to get a better price on their purchase.
“A Bridge Loan provides a powerful tool for farmers in an extremely competitive market,” said Devin Lammers, President of FBN Financial. “We’re proud to empower farmers to get the capital they need faster, better compete against cash offers, and negotiate a better price on land deals through this powerful new solution.”
Some of the benefits that bridge loans offer include:
- Shorter term timelines, no longer than 6 months. (Once completed, a loan advisor helps borrowers transition this loan to a traditional loan once the appraisal has been completed.†)
- Loan amounts up to $2,000,000.
- Up to a 60% loan-to-value ratio (LTV).
This latest offering comes as FBN Finance continues to see rapid growth: the company also reported it has now surpassed $1 billion in total capital financed to borrowers. This milestone illustrates how the growing number of members rely on FBN to gain faster, less expensive, and more reliable access to capital to run and grow their operations.
FBN Finance provides farmers with a new avenue for financing, empowering them to access a network of lending partners that provide low rates and fair terms. These finance offerings are designed based on farmer feedback and tailored to fit FBN members’ specific needs – ranging from land financing, operating lines, equipment financing, input financing, and more. Because of FBN‘s innovative data analysis, lending and underwriting decisions are optimized and expedited.
“We’re always looking to provide our farmers with the most competitive options on the market, especially in this current climate of high interest rates and economic uncertainty,” said Lammers.
Today’s FBN Finance news comes on the heels of several announcements: in recent months the company has launched its livestock partnership with Boveta Nutrition™, its strategic collaboration with Greeneye Technology Precision Spraying System, and held its most successful Farmer2Farmer event ever in Omaha, Nebraska.
Those interested in applying for a Bridge Loan should get in touch with an FBN team member.
*Subject to approval and underwriting.
†Length of time necessary to complete the financing process will vary and depend on one’s individual circumstances.
About FBN:
Farmers Business Network® (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 55,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings.
FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. The FBN network has grown to cover more than 117 million acres of member farms in the US, Canada, and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has principal offices in San Carlos, CA, Chicago, IL, Sioux Falls, SD, a Canadian Headquarters in High River, Alberta, and an Australian Headquarters in Perth with significant warehouse and logistics, remote and field employees across the US, Canada and Australia. To learn more, visit: www.fbn.com.
Terms and conditions apply. Land financing offered by FBN Finance, LLC, provided in connection with Farmer Mac and our underwriting partners, and is available only where FBN Finance, LLC is licensed. To qualify, 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.
Contacts
Keith Chapman
media@farmersbusinessnetwork.com