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Verifying the liabilities on your balance sheet is a crucial step in the loan application process. By presenting accurate and up-to-date information, you help to ensure a smooth and efficient Ag loan application process.
As a farmer, you likely have many more important things on your mind than reviewing a financial statement. To streamline your balance sheet review process, here are a few steps to take as you get started.
Your main priority should be ensuring that the verifications match your current balance sheet date. Only use current (or as recent as possible) information to give the lender you are working with an accurate picture of your financial situation. This enables them to provide you with the best solution available for your needs.
[DOWNLOAD: New Ag Finance Balance Sheet Template]
To verify your liabilities, obtain a statement directly from your current lender. If you are unable to do so, you may be able to download a PDF statement or use screenshots from the lender’s online portal as an alternative way to provide the necessary information. It is important that the information contains your lender’s letterhead in order to validate the information provided.
For each of your liabilities, verifications need to include:
Name
Date
Account number
Current balance
Interest rate
Payment information
If you are missing some of the above information, it could make it difficult to complete the verification step and may delay your Ag loan application process.
Applying for a loan can sometimes feel like a daunting process, but the loan advisor team at FBN Finance is here to help. With an average of 15+ years each in Ag finance experience, FBN loan advisors are available to talk you through all facets of the real estate loan process, discuss any questions or concerns you may have and make sure you get the solution that best fits the unique needs of your Ag operation.
Click here, complete the brief form below, or call 866-619-3080 to get started.
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Terms and conditions apply. Land financing offered by FBN Finance, LLC, provided in connection with Farmer Mac and our underwriting partners, and is available only where FBN Finance, LLC is licensed. To qualify, a borrower must be a member of Farmer’s Business Network, Inc., and meet the underwriting requirements of FBN Finance, LLC and its lending partners. All credit is subject to approval and underwriting. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify