Farm Credit Lenders Expand Online Lending Platform – Ohio Ag Net
Farm Credit lenders in 28 states have announced they are collaborating to nearly triple the acreage where their shared online land loan application service will be available. FarmLend.com, the online service, will speed up and simplify the farm and ranch loan process on more than 300 million acres.
FarmLend.com allows borrowers to apply for land financing 24 hours a day, 7 days a week, when and where it’s convenient for them. Within three business hours, applicants are contacted by a financing expert who answers questions and helps guide their loan application through the review and approval process from their farm credit association.
“The FarmLend experience has been particularly well received by customers who value online convenience combined with quick access to financing and agricultural expertise,” said Carl Horne, vice president of digital lending products and services at Farm Credit Services of America (FCSAmerica). “Making finance experts who understand the agricultural real estate market accessible soon after someone applied online has enabled FarmLend to provide a unique ‘best of both world’ experience that customers greatly appreciate.”
FCSAmerica developed and maintains the FarmLend website on behalf of Farm Credit System Collaborating Associations, a network of customer-owned cooperatives that serve agriculture and rural communities with credit and financial services.
Farmlend.com is currently offered in geographic areas served by FCSAmerica, Frontier Farm Credit, AgCountry Farm Credit Services, Farm Credit of Southern Colorado, and Farm Credit of Western Arkansas. Additional associations that will offer FarmLend in 2022 include Farm Credit Mid-America, Farm Credit East, American AgCredit and Carolina Farm Credit.
AgCountry FCS became operational with FarmLend in 2021.
“The AgCountry team seeks to meet our customers when and where they want to do business,” said Troy Andreasen, Market Director. “We are delighted to have the opportunity to collaborate with other agricultural credit associations, because together we are stronger to serve our mission.
Mark Barker, senior vice president of agricultural lending at Farm Credit Mid-America, said a shared digital channel shortens time to market for agricultural credit associations working to meet the needs of customers increasingly accustomed to do business online.
“Going to market in a collaborative approach allows all of us to benefit from ongoing FarmLend enhancements that deliver educational content, loan calculators and important information for land buyers,” Barker said. “Land sales are moving online, and it follows that financing is also expected online.”
The FarmLend site today offers access to financing for farmland and ranches. “Our intention is to offer additional solutions in the future,” said Horne. “We started with agricultural real estate finance because that’s where we saw the greatest demand for digital access.”