INP

[bgmb]

Big wheel fcc will lend money where banks wont. Don't deal with them anymore but when we did they were reasonable. Anyway some ppl just can't see the writing on the wall if you need input capital maybe you should change how you are doing things or get out.

[farmaholic]

Big wheel fcc will lend money where banks wont. Don't deal with them anymore but when we did they were reasonable. Anyway some ppl just can't see the writing on the wall if you need input capital maybe you should change how you are doing things or get out.

AMEN!!!!!!!!!!!!!!!

[farming101]

My understanding is if cash is advanced then security is taken against farmland

[the big wheel]

When it's this many farmers it s saying something is wrong doesn't it?

Many on here contradict themselves. In one sentence complain the programs and system isn't working and in many ways that's correct but at the sAme time all those farmers having no option except the sharks and then it's only their fault?
Which one is it?

I m only saying if there is enough equity for the sharks what's wrong with the other guys considering all of these things that are wrong.

[Misterjade9]

I have been watching this debate unfold for awhile and I have to agree with Big Wheel. FCC is not interested in lending to farmers who don't fit their ideaology of what farming is. I was literally told by a FCC customer service rep that we did not fit their mold, and as such were painted with a certain brush. Came into full time farming late, didn't have generations of equity built up, so was told I was too old and didn't have enough collateral for them to be interested in financing. FCC, like any government department, wants the public admiration of shaking hands with the Gary Pikes of the world and saying "look at us we are financing the future of farming" and when that goes south they have to recover the losses on the backs of their other customers. Big Wheel is right who at FCC was doing their due diligence to let them get 14 million into Broadacres.

[bucket]

Broad acres ...what a scam that was...


FCC I don't get the under 40 loan thing either....being late to farming and by the time they were offering it I was too old but according to statistics I haven't reached the average age of farmers which is at 57 now....

I consider myself a young farmer.

And have also watched younger guys exit quicker because of grand plans .....

[bgmb]

I agree FCC made a bit of a mistake in Broadacre! If only they could have scaled up to their full size they would have succeeded!!! But that doesn't mean they wont lend to the average farmer. Although I see your point if brodacre got money how could they turn anyone down??

They do seem to like the slicked up type of farmer you know the guy who shows up at the machinery dealership dressed like a wall street banker and is playing with investor money.

[farmaholic]

Here's the saw.... I'm going out on a limb!!!


Maybe it's a difference in morals and scruples? FCC and Banks don't want to be the ones shortening the rope enough to have their clients hang themselves? The other group may have a completely different "AGENDA"?

I wonder what the process is of changing creditors from FCC and Banks to Input. If land is held as security by financial institutions, the lien would have to be released and Input becomes the lien holder after the funds are given. Maybe these guys need some serious credit counselling.

Maybe these guys are in, or going in, over their heads and traditional lenders refuse to be the ones holding the bag when they go down.

Remember when FCC and banks owned too much land the last time the "trap door" on the gallows opened? I doubt they want to have land in their portfolio in the peak of the cycle. When a bank owns land no one wants to pay full value for it or pay reasonable rent.

They are just probably mitigating their highest risk!

[bucket]

Farmaholic

I gained back more acres of cheap land this year..it was mine just been under water for awhile ...seeded it ...only to have the drought **** it up....I was really optimistic and reasonable with expectations. ....can you define what isn't high risk in ag anymore.....whether it was silver spooned or worked for....

[samhill]

Inp

I don't know anything about them, BigWheel is spot on with FCC and the banks. With about 2 mil in equity I could only get $150 k mortgage on my home to operate. A slow but steady death. Son want d to farm, but they wouldn't give him a chance. Sharks only option so folded my tent basically. No loans now,
FCC officers get commission, and so incentive there for the biggest clients.