How To Get A Farm Loan With Janus AG Finance´┐╝

Janus AG Finance is an A credit lender with suitable loan products for every need. If you’ve ever wondered what the process is for completing a farm real estate loan with us to get all the benefits of our products, we’ll break it down here.

Our investor requires a thorough analysis of all loan requests to make sure the borrowers are qualified. Here’s a look at how to get a farm loan through us by looking at the procedure:

  1. Financial Statement Submission

The borrower must provide three years of tax returns and a complete and detailed financial statement on both his personal and business entities.  

Duration: Determined by how quickly the borrower provides this data. (if the borrower responds quickly, this will take about 7 days.)

  1. Initial Review

Upon receipt of all these items, our loan department does a preliminary loan analysis of income, debt/asset ratio, credit history, proposed subject property, and overall repayment capability.

Duration: 2 days

  1. Walk-Through Call & Borrower Approval

If the loan passes the initial review, we proceed to call the borrower and explain in detail what loan program will best meet their needs. At this time, the borrower is able to either decline the offer or authorize further underwriting for final loan approval. In most cases, at this time, JAF can issue a loan prequalification letter to sellers or other interested parties with a legitimate reason to know the loan status.

Duration: 2 days

  1. Purchase Agreement

If there is a purchase, the next step is to obtain a signed real estate purchase agreement.

Duration: 7 days

  1. Loan Application Preparation & Submission

To proceed upon borrower approval, our loan processing department pulls credit reports, prepares a complete loan application, and sends it to the borrower for review and signature.

Duration: 10 days

  1. Presenting Loan Application

A formal loan application is presented to our loan committee for initial loan approval.

Duration: 5 days

  1. Letterhead Preparation

Approval will be in writing on our bank letterhead. It is a binding commitment to fund the loan subject to satisfactory appraisal and title commitment.

Duration: 1 day

  1. Appraisal & Title Insurance

At this point, JAF orders the appraisal and title insurance. Title commitments are normally within two days; the appraisal can take 30 to 45 days, depending on the appraiser’s schedule.   

Duration: 35 days on average

  1. Final Review

A final review of borrower credit, UCC lien search, and an appraisal is done.

Duration: 4 days

  1. Document Preparation

The loan file is sent to the documents department, where the mortgage and other documents to secure the loan are prepared.  

Duration: Normally, about a 7-day wait in queue for docs to be drawn.

  1. Sending Loan Package 

The loan package is sent by overnight mail to the title company.

Duration: 2 days

  1. Signing Documents

Borrower signs loan documents.

Duration: 1-5 days

  1. Funding Loan

The loan is funded the next business day.

Duration: 1 day

Total Estimated Time To Close: 88 days

Failure by the borrower to provide timely documents, delay in completing appraisal, holidays, and other unforeseen circumstances can extend the time required.

 Stay On Top Of The Process

Regarding how to get a farm loan, Janus Ag Finance is upfront about our process and aims for our borrowers to be realistic in expectations of when their loan will be funded. As shown above, there are many critical steps to completing the process.

If time is critical, we will make every effort to compress the time required, but many of these schedules are beyond our control. We urge our customers to review this timetable and make every effort to complete their part of this process without unnecessary delay.

If you require more information on getting a farm loan with us, don’t hesitate to contact us. We can answer all your doubts!