Frequently Asked Questions
How do I apply for a farm loan?
You can inquire online through this link, or, download the forms from the website, fill them out and return to loans@agrilend.ca .
Do I need to have good credit for a loan to be approved?
No. For us, equity is King. Agri-lend has success where many other lenders fail. Purchases, refinances, renewals – Even properties in foreclosure.
Do you require a certain type of collateral for a farm loan?
We specialize in loans that are secured by real estate, whether it be agricultural, residential, commercial, etc. Sometimes, we can look at other forms of tangible security.
Do you provide loans for livestock, equipment or farm operations?
Yes, absolutely. We specialize in working with clients who have been declined by the banks. Please contact us to discuss your specific needs.
Is there any point in applying with you if the bank has already declined us?
Absolutely, yes. We specialize at working with clients that the banks have said no to. Please contact us to discuss your specific needs.
If I have a mortgage that is in arrears, what should I do?
Time is of the essence if you are in arrears with your existing lender, and/or if you have been served with a Statement of Claim. Contact us by applying online, or phone immediately.
What sort of income documentation will you need to review?
Typically, the more documentation you can show, the better; we understand that you may be going through temporary financial hardship and that verifying your income the traditional way may not be possible or realistic. We can discuss your requirements throughout the loan application process.
Can I be approved if I have been laid off or am unemployed?
Our Alternative Mortgages Lending program helps individuals who have been laid off, have become unemployed, or who are scheduled to be laid off and need assistance to pay the household expenses. Please contact us to discuss your specific needs.
What payment frequencies (IE monthly, semi-annually, etc) are available?
We can be flexible with payment dates. We may also be able to `prepay` the loan for the entire term. We want to put you in a better financial position, not one that will cause future issues. Please contact us for more details.
Who determines the interest rate I will pay?
Rates on all mortgage types rise and fall based on market conditions and overall risk profile of the borrowers. Interest rates also vary depending on the loan product you choose.
What are your interest rates?
Please contact us to inquire.
Do you have a minimum loan amount?
Are there prepayment penalties?
Not always – we can negotiate these terms on the outset, depending on your requirements.
Can I be approved if I have Property tax, and/or Revenue Canada arrears?
Yes, but we often will try to consolidate them within our loan structures. Please contact us for more details and we will discuss your needs.
What is a '2nd mortgage', and do you do them?
Yes. A second mortgage is a home equity loan that allows homeowners to borrow money from the equity in their home, without refinancing their current mortgage.
I have a residential mortgage that traditional banks cannot refinance, can you help?
Yes, we will consider residential property as well as agricultural property for mortgage financing.
Will you offer Life & Disability insurance with your mortgage approval?
Yes. We can help tailor insurance premium payments to suit your budget.