Iowa-based Conterra Ag Capital has introduced Conterra Ag Premier (CAP).
The new credit-based real estate scorecard program creates an accelerated farm loan process for well-qualified agricultural borrowers by simplifying the application process and accelerating loan approvals.
Conterra has the option of completing desktop appraisals and in lieu of Uniform Standards of Professional Appraisal Practice (USPAP) appraisals if adequate data is available.
“Farmland data, including comparable sales, has become more readily available in many of our primary markets,” said Jake Espenmiller, Conterra chief lending officer, in a news release. “We designed our CAP product to recognize this shift, leading to a more efficient closing process and a better customer experience.”
“Our company was founded on two premises: American farmers and ranchers need access to diverse capital sources, and lending should have more flexibility of capital and quick decision making,” said Paul Erickson, Conterra president and CEO. “Traditional lenders tend to be bureaucratic, restricting access to credit in more challenging times; however, our approach employs an understanding of agricultural cycles, paired with diverse pools of managed capital that accommodate a range of borrower credit profiles.”
The Conterra Ag Premier loan program is the latest in a number of additions to the private agricultural lender’s suite of products. Dedicated to improving the availability of diverse sources of capital to producers and agribusiness nation-wide, the company launched operating loans secured by federally insurable crops earlier this fall, partnered with a companion crop insurance program.
“Conterra continues to evolve and improve our current real estate loan offerings as well as bring new products to market,” Mr. Erickson continued. “We prioritize the needs of American producers and rural communities, who are the backbone of this country.”
Conterra competes with traditional agricultural lenders and can deliver similar variable and fixed rates from 1- to 30-year maturities. The company’s alternative lending portfolios provide an option for borrowers when traditional lending standards aren’t a fit due to credit or circumstance. Alternative lending structures loans with shorter fixed terms and longer amortizations, often with a period of interest only payments and an overall objective of improving the liquidity of the operation to eventually refinance to a market rate in traditional loan portfolios.
For more information on Conterra Ag Premier loans, and to learn more about the company’s suite of agricultural loan products, visit Conterra Ag Premier – Conterra Ag Capital.