Farm Credit lenders in 28 states announced they are collaborating to nearly triple in size the area where their shared online land loan application service will be available. FarmLend.com, the online service, will accelerate and simplify the farm and ranch loan process across more than 300 million acres.
FarmLend.com allows borrowers to apply for land financing 24/7, 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 their Farm Credit association’s review and approval process.
“The FarmLend experience has been especially well-received by customers who value online convenience paired with quick access to financing and ag expertise,” said Carl Horne, vice president of digital loan products and services at Farm Credit Services of America (FCSAmerica). “Making financing experts who understand the ag real estate market accessible soon after someone applies online has allowed FarmLend to provide a unique ‘best of both’ experience that customers highly value.”
FCSAmerica developed and maintains the FarmLend website on behalf of collaborating associations in the Farm Credit System, a network of customer-owned cooperatives that serve agriculture and rural communities with credit and financial services.
Farmlend.com currently is offered in the geographies served by FCSAmerica, Frontier Farm Credit, AgCountry Farm Credit Services, Farm Credit of Southern Colorado, and Farm Credit of Western Arkansas. The additional associations that will offer FarmLend in 2022 include Farm Credit Mid-America, Farm Credit East, American AgCredit and Carolina Farm Credit.
AgCountry FCS went live with FarmLend in 2021.
“The team at AgCountry looks to meet our customers when and where they want to do business,” said Troy Andreasen, chief marketplace officer. “We’re excited for the opportunity to collaborate with other Farm Credit associations because together we are stronger in serving our mission.”
Mark Barker, a senior vice president for ag lending at Farm Credit Mid-America, said a shared digital channel shortens the time to market for Farm Credit associations working to meet the needs of customers increasingly accustomed to doing business online.
“Going to market in a collaborative approach allows all of us to benefit from the ongoing enhancements to FarmLend that offer educational content, loan calculators and information important to land buyers,” Barker said. “Land sales are moving online, and it follows that financing is expected online as well.”
The FarmLend site offers access to financing for farmland and ranchland today. “Our intent is to offer additional solutions in the future,” Horne said. “We started with ag real estate financing since that’s where we saw the greatest demand for digital access.”