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Bank of Oakfield offers three types of Agricultural
Loans.
Real estate and personal property loans can have either a
variable interest rate or a fixed rate. Interest rates are
determined based on a formula calculation of financial statement
strength, cash flow, and loan to collateral ratio. Real estate
and personal property loans can qualify for either a two-year
or a three-year fixed rate.
Ag real estate loans are used to purchase or refinance land,
buildings, and/or facilities. These loans generally have a
10 to 20 year amortization. Payments can be made monthly,
quarterly, semi-annually, or annually. Our rates are very
competitive and we custom design the terms to fit your individual
needs.
Personal property loans are for the purchase or refinancing
of livestock and/or machinery. Amortizations vary between
3 and 7 years. Payments can be made monthly, quarterly, semi-annually,
or annually.
Revolving lines of credit are an excellent tool used to manage
operating costs. Take advantage of discounts offered by your
suppliers by utilizing the revolving line of credit. Transfers
from your revolving line of credit to your checking account
can be made by telephone.
Include the following information to make
a loan request:
- Current Financial Statement
- Past 3 years Tax Returns
- Milk production records from the past 3 years
- Business Plan including projected income and expense for
next 12 months
- Background on farm operation and plans for the future
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