What to Expect When Requesting a Real Estate Loan!


Whether you are buying your first farm or refinancing an existing loan, Progressive Farm Credit Services strives to make the process quick and easy to ensure that you can focus on farming and growing your operation. Our loan officers are here to help you through the process of requesting your loan... receiving your funds... to closing your transaction - while answering any questions you may have along the way. Typically, our real estate loans take on average 3 to 4 weeks from receiving a complete application to closing. To help even further we have outlined the steps of the process and what you should expect.

Items we will need (additional items may be required):

  1. Recent tax returns or earnings statements (usually the most recent 3 years)
  2. A recent balance sheet
  3. Location of property
  4. List of improvements to property (buildings, grading, wells, etc.)

Examples of Additional Items - depending on the loan

  1. If purchasing real estate, a copy of the purchase contract
  2. Entity documents If the real estate will be titled to a business or trust

Fees charged for loan:
There are no hidden fees. Applicant will be charged for only the cost of the appraisal and title insurance/filing fees. We do not charge for application, origination, or processing.

After discussing your request with our loan officer, most real estate loans under $250,000 will typically be approved within 24-hours after receiving your application through our On The Spot Financing Program.

For loans greater than $250,000 we perform a formal loan analysis which may require additional information if not already provided. Unlike other lenders, our credit decisions are made locally with lenders who know and understand your operation. Therefore we typically can approve your complete loan application within one week.

STEP 2 - APPRAISAL (For loans over $250,000 and/or complex loans):
For loans over $250,000 or that include buildings or structures (complex loans), we require a formal appraisal - which will be charged to the applicant. Our in-house appraiser is a Missouri State Certified General Real Estate Appraiser with 13 years of experience. In this process we will review and plat the legal description to confirm that the legal matches the property and to ensure that you have legal access to and from the property. Our appraiser will then inspect your property and determine a value.

Once our appraiser receives the request it will take on average two weeks to complete the appraisal.

To have your funds to you quicker, this point of the process will often occur while our appraiser is reviewing your property. With 95 years of helping farmers in Southeast Missouri, Progressive Farm Credit Services has experience working with local attorneys and title insurance companies to help you purchase your property.

In this process our mortgage processors will review the title insurance commitment and work with our service representatives in preparing the documents. We obtain title insurance to guarantee that you are the legal owners of the property and that there are no unknown liens or title defects against it that may affect your ownership. In this step the legal description is reviewed again for accuracy. Depending on the complexity of your loan, we typically will prepare the following documents (additional documents may be required):

  • Promissory Note, states terms of your loan
  • Deed of Trust, states the real estate collateral for your loan
  • W-9, required by the IRS for Real Estate transactions to certify your SSN or tax ID
  • Security Agreement, included if fixtures are being used as collateral

Our loan officers will work with you and your title company to set a date and location for your loan closing. At the closing feel free to ask questions. We will be happy answering any additional questions you may have regarding your loan documentation and the terms of your loan.





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