loans

[makar]

I am worth 1.7 to 2 mil, owe 170.000, 55000 in the bank, afsc just told me i cant borrow money because i have to many lines of credit with input supplyers that i dont owe 5 cents to. wtf?

[farmaholic]

Is the downturn upon us? The "market" says our dirt is worth "X" , but the banks will only lend us "Y"....

Trade credit is still available credit, if you didnt have those established lines of credit would they lend you money?

[makar]

they called me twice and said they could do me better.than fcc, then even asked to see what my wife may have paid to loans. I dont get it, have 4 titles clear, say they will give 80 percent, no one except maybe sf3 has a better credit rating than me.

[saskshafe]

Is cash flow not as important as net worth. You may want to consider getting a mortgage on your net worth, way cheaper money. No more LOC’s. They probably have you by the short curly’s anyway on the loc’s. Just use the interest free ones.

[makar]

i am a small potato, i drink brewhouse beer.

[makar]

point being i manage my own short and curlies not the bank.

[farmaholic]

Very good point, Net Worth doesn't make payments, cash flow does.

I wonder how much land FCC or the banks want at these inflated prices....they've been there before

Lol,,,,your last comment was priceless, does that mean they're already too short to trim anymore?

[makar]

80 percent of value.

[makar]

my numbers are under 10 and blonde eye candy loan officers cant understand what i am talking about.

[SASKFARMER3]

I said it starts with the banks head offfice deciding the party is over and the tightening begins,

It happened before and it will again.

Nice hot 86 above day no borrowing money here as home prices in Miami are going up again.

Trump says hi and is starting to hate Canada.

Workers I chatted with today are liking working trump and the USA.

Oh also on tonight’s news a robber was shot breaking into a guys house and threatening the guys family. He is dead.

The house the guy hit was a retired FBI agent

USA is going one way canada is destroying it self. Banks will start moving borrowing to USA and forget about canada.

Scotia I believe is starting to concentrate on that.

Have fun don’t let Blondie deter you.

I would take a loan on a quarter that’s clear and use that if you need.

[makar]

What i am trying to do is take a fcc loan to afsc, take off 2 farms for one. afsc called me to do it now im a idiot.

[hobbyfrmr]

i am a small potato, i drink brewhouse beer.

Wow! The struggle is real🙂

[makar]

Stupid part nothing changing, just moving money from fcc to afsc.

[grassfarmer]

I found AFSC weird to deal with, only went to them once to enquire about a bridge loan between buying one farm and selling the other. Had more money in the bank than I was asking for but they said they can't lend against equity. Oh well, their loss - they were supposed to in the business of charging interest. Didn't need it in the finish up anyway.

[mcfarms]

They must use existing lines of credit used or unused as part of the equity to potential liability, seems a little odd, you need to ask what methodology they use for their fitness test.