Preparing for you Lender, Part II

For many, purchasing a farm is a lifelong dream.  Longtime Maryland Horse Council sponsor MidAtlantic Farm Credit (http://www.mafc.com/) helps many Maryland residents make this dream into a reality.  Here is a brief guide to how to prepare for your lender. 

In our last MHC blog we talked about ways to assess your lender when deciding whether or not they are the correct fit for you. This time, we want to share with you a list of items your lender uses to access your credit requests:

1. Financial Information & Documentation

• Balance sheet
• Income statement
• Cash flow projections

2. Written Business Plan

3. Personal Consumer Credit Check

• Verifies balance sheet information
• Credit history

4. Credit Score

• Range from 300’s to 900’s
• Factors that impact credit score (payment history, amounts owed, length of credit history, new credit requests)

5. Personal Characteristics

• Honesty and ethics
• Open and regular communication
• Involved spouse/business partner

If you have any questions about preparing for your lender, please feel free to give us a call at 888.339.3334, email us at connect@mafc.com  or visit our website at farmcreditequine.com.