The federal land bank would throw your whole lifes work to the gutter for a less than perfect operating note and or shortfall. No other banks wanted the risk at the time which meant farm sale. As a young teen I was mostly unaware that this happened to my dad and our farm. As my Dad tells, "Two angles came through the door and said they were looking for new farm loans and wanted my Dads business." He had been dumped in the spring two weeks prior by the federal land bank. So this was a lifesaver for him then, and my brothers and I now. We are very risk savoy and trying to limit borrowing as interest rates have now more than doubled since Brandon. The tide is heading out financially and we will see which farmers are covered by swimsuits. My dad passed 3 yrs ago today at age 92. He was debt free and never had a bankruptcy or bank write down. We still rent the Home Farm from my 89 year old mother. I hope to continue my dads legacy into the second half of this century with my own two sons at my side.
The federal land bank would throw your whole lifes work to the gutter for a less than perfect operating note and or shortfall. No other banks wanted the risk at the time which meant farm sale. As a young teen I was mostly unaware that this happened to my dad and our farm. As my Dad tells, "Two angles came through the door and said they were looking for new farm loans and wanted my Dads business." He had been dumped in the spring two weeks prior by the federal land bank. So this was a lifesaver for him then, and my brothers and I now. We are very risk savoy and trying to limit borrowing as interest rates have now more than doubled since Brandon. The tide is heading out financially and we will see which farmers are covered by swimsuits. My dad passed 3 yrs ago today at age 92. He was debt free and never had a bankruptcy or bank write down. We still rent the Home Farm from my 89 year old mother. I hope to continue my dads legacy into the second half of this century with my own two sons at my side.