Business
If so is there any difference compared to traditional bank operating loans or information you have to provide?
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We did and was not impressed. We deal with 2 local banks and FCS, all much more professional. We have used input financing for several years, and now they want me to sign an open mortgage agreement, as well as NO SPECIFIED INTEREST rate, on input only…. They say, “sign it and then we will fill it in)?????? Not in this lifetime. I have asked if they would sign a note under those circumstances a...
yes they are terrible
Hi Everyone, I’m Dan English, the General Manager of FBN Finance. Many of FBN Finance’s customers receive the lowest rates advertised. Very glad to hear that Austin and Larry got great rates on their loans!
Like many lenders, all of our rates are subject to underwriting which we always highlight in our advertising and website. The final eligible rate is determined by an overall credit risk ass...
5
You got my feedback😡
I had that thought too that they would not work with you or understand like a traditional local bank might
They are a joke in my opinion. I have sucessfully farmed 50 seasons. I was in a large land partnership which I now completely own. My Mother was an owner and died unexpected and my family lawyered up. This tied up my fall income for 2 months, 2 years ago and I called FBN and explained. They said we can work with you. We ended paying 37 days late. The day we told them we had the funds released the...
1
This is the first year I got an FBN operating loan. I am using this as well as the traditional bank loan. The process was fairly simple. The communication was very good. Rate is low 4's. No problems so far.
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That is good to hear. I know someone I talked to said they over coloratorlize
I agree they could do better on communicating and I didn’t get the advertised interest rate but it was close to it and I have over 800 credit score. But it was very easy and I just took my first draw and had the money within 48 hours of submitting the request. Overall probably satisfied and will probably do it again next year.
They don't communicate very well. Otherwise no issues
1
We've also got a few credit lines through fertilizer and chemical dealers. But otherwise yes this will be the only operating loan
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Process was easier than local farm credit. Local farm credit requires copies of our tax returns for the current year, so it's always a rush to get taxes done so that we can get the loan in a timely matter. FBN required basic statements on income and debt, and did a credit report, and then a copy of drivers liscenes. Got a interest rate in the low 4's. So far I'm happy with the process but iv'e no...
2
Will this be your only operating loan?
Can’t speak to the operating loan but did a land loan with them. Process was very similar to going through any other bank that we’ve used. I would guess the operating is going to be the same way.
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Fbn do you have a reply to this comment? Is that true no one gets the interest rate you advertise?
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Rates float. And don't lock until right close to closing. When our loan originator hit the enter key to lock it we got a 3.54% instead of the 3.64% he thought it was going to be. So it is kind of a crap shoot. Some times you win some times, meh.
Yes, we did a loan last week.
The advertised interest rates are generally not available. The process took 5 weeks and it was poorly setup. We had to resubmit it three times.
They do not clearly show the .005% reduction that you can earn if use sustainable farm practices.
A positive is that our lead FBN person was good to work with but she knew that there were major problems. The steps for ACH...
2
FBN finance is a joke. Finally admitted no one gets that interest rate they advertise
8
We have now closed on two Land refi's and a operating loan for the 2022 year all at the advertised rates. The hoops to jump through for the mortgages are basically the same as any bank refi, the op line was some what easier.
We got the advertised rate on a land loan last year…
Very fast and simple process getting the loan
1
Did you have to provide any documents or information that was different from traditional loans.