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Sep 20, 2023
Today the Federal Reserve announced that it will not raise interest rates while continuing to signal that they expect one more rate hike this year. This pause gives the Fed time to plan its next move.
In July, the Fed raised rates to the highest level in 22 years. Today’s pause provides slight relief after so many increases in recent months.
Chairman Jerome Powell has maintained that the Fed will act in a measured fashion on future hikes and insists that upcoming decisions will be dependent on further data.
What does this mean for farmers as inflation continues to ease and the job market cools? With unpredictability still looming, farmers may want to weigh their financing options for farmland purchases and other operational expenses.
While rates hold steady for now, it is unclear if future rate hikes will be necessary to continue to ease inflation.
If you’re planning to refinance or purchase more farmland, now may be an excellent time to lock in a rate for five to 15 years with variable interest rates. Consider a fixed rate starting at 10 years or up to 30 years for a more predictable and stable option.
Buying farmland can be a capital-intensive investment. With financing already lined up, you’ll be prepared to act quickly when that perfect piece of land becomes available.
While comparing lenders and rates is always wise, consider looking for a lender with no prepayment penalties. FBN® Finance offers customized financing options with no prepayment penalties and the flexibility to decide your next move.
With other lenders, waiting for a loan application decision can take 5-10 business days. That waiting period can be stressful and cause delays in important decisions for your operation.**
To make your loan process smoother and as efficient as possible, FBN Finance offers instant land loan approvals.* If you qualify for instant approval* with FBN Finance, your land loan application could potentially be approved within minutes for land loans up to $2.5 million.***
Click here to learn more about the land loan application process, complete the brief form at the bottom of this page, or call 866-619-3080 to get started.
FBN Finance understands that every farmer’s situation is unique. Our loan advisory team aims to make the lending process straightforward and affordable, helping you manage and position your operation for successful growth with various available financing options.
Now is the time to lock in on the great promotional rates on FBN inputs with operating lines of credit, which are fixed rate, revolving lines of $100,000 - $1 million. With this payment option, you won't have to make payments until March 1, 2025.
An FBN Finance operating line of credit can be used for a wide variety of approved ag operating expenses, including^:
Buying inputs from FBN Direct® or other vendors
Paying for rent or labor
Covering the cost of equipment or repairs
Financing other qualifying expenses
This payment option currently offers a promotional interest rate of 3.99% on FBN Direct purchases. Lock in this rate through August 31, 2024 if you spend a minimum of $50,000 on all FBN inputs or $10,000 in livestock products by November 21, 2023.
Click here to start your application today, complete the brief form below or call 855-209-1932 to speak with a loan advisor.
*Approval is conditional and subject to the product’s terms and conditions, and underwriting.
**Length of time necessary to complete the financing process will vary and depend on one's individual circumstances.
*** Additional documentation may be required during the closing process.
^Subject to certain restrictions in the financing agreement.
Financing offered by FBN Finance, LLC and its lending partners. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify. NMLS ID: 1631119.
Disclaimer: The material provided is for educational purposes only. It is not intended to be a substitute for specific individualized tax, business, legal, investment or professional advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager. Neither Farmer's Business Network, Inc. nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed.
The information provided by AcreVision SM is provided for your individual informational use only, and may not be disclosed, reproduced, summarized, distributed, excerpted, or used for any reason other than for property research purposes. Any unauthorized use of this product or its information is prohibited. Information is reliable but not guaranteed, may be incomplete, and should be independently verified. Farmer's Business Network, Inc. and its subsidiaries are not responsible for the accuracy of this information.
Qualified farmers who apply and accept (1) the terms of an Operating Line of Credit through FBN® Finance of $100,000 to $1,000,000 and payoff the balance in full by March 10, 2025 are eligible to receive a promotional interest rate of 3.99% when using the Operating Line of Credit to finance purchases of input products made through FBN Direct® between September 1, 2023 - November 21, 2023 and a promotional interest rate of 4.99% when using the Operating Line of Credit to finance purchases of input products made through FBN Direct® between November 22, 2023 - January 5, 2024. Qualifying input products include crop protection, adjuvant, crop nutrition, seed, animal health and livestock feed. Advances on the FBN® Finance Operating Line that are not for the purchase of input products from FBN Direct® will be charged interest at the stated (non-promotional) contract rate in the Operating Line of Credit loan agreement.**
Approved farmers who apply for and accept the terms of an FBN® Finance Operating Line and make a minimum $50,000 purchase of any input categories or $10,000 of animal health or livestock feed products only from FBN Direct® by November 21, 2023 or a $75,000 purchase of any input categories or $25,000 of animal health or livestock feed products only from FBN Direct® by January 5, 2024 will receive the benefit of automatic qualification for a promotional rate lock from FBN Direct®. The rate lock offers qualified farmers a promotional rate from 3.99% - 4.99% interest, based on the timing of qualification, on future purchases of input products only made through FBN Direct® by August 31, 2024.
^^Payments for all amounts owed under the associated FBN® Finance Operating Line of Credit are due March 1, 2025. If the total balance for all amounts owed is not paid in full by March 10, 2025, interest charges on all purchases of input products made through FBN Direct® between September 1, 2023 - August 31, 2024, using an Operating Line of Credit through FBN® Finance will be imposed from the purchase date at the stated (non-promotional) contract rate in the Operating Line of Credit loan agreement.
(1) Borrower will have seven (7) days from date of acceptance to sign loan notes and for loans greater than $500,000, thirty (30) days to fulfill all conditions outlined in the loan note.
FBN Direct products and services and other products distributed by FBN Direct are offered by FBN Inputs, LLC and are available only in states where FBN Inputs, LLC is licensed and where those products are registered for sale or use, if applicable. If applicable, please check with your local extension service to ensure registration status. Nothing contained on this page, including the prices listed should be construed as an offer for sale, or a sale of products. All products and prices are subject to change at any time and without notice. Terms and conditions apply.
Qualified farmers must purchase within promotional period #1 (Sept 1 - Nov 21, 2023) to receive the 5.99% promotional rate or promotional period #2 (Nov 22, 2023 - Jan 5, 2024) to receive the 6.99% promotional rate. Any purchases made between January 5 - August 31, 2024 by farmers who did not qualify for the promotional rate lock will be financed at the variable standard financing rates. Farmers must complete a credit application and be approved by FBN Finance, LLC or our lending partner. Farmers must be credit qualified by FBN Finance, LLC, and all loan documents must be fully executed. Payment in full must be made by January 1, 2025; default interest rate charges apply.
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Sep 20, 2023