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Farm Transfer Program
If you’re looking to buy a farm, buy farmland, or you’re selling land to someone else, the Farm Transfer Loan Program might be the perfect fit for you! We created the Farm Transfer Loan Program in 2016 to assist farmers with transferring farmland to family or other qualified buyers. The program benefits both the buyer and the seller and has a staged mortgage payout over five years.
Financing up to 90% of the land value is available
Loan is disbursed over a five year period – up to 40% of the land value in year one and the balance in equal installments over the next four years
Payments based on total loan amount – interest paid only on disbursed amounts
Monthly, quarterly, and semi-annual payment frequencies acceptable
5 year closed term required initially (Max. amortization is 25 yrs)
Farming fact: Only 40% of farmers in Canada have a succession plan! If you’re part of the 60% that doesn’t have a succession plan, don’t wait any longer, lets make sure you’ve got a plan before the end of this year.
Talk to us today, or someone at Thrive Wealth Management. (Thrive is a credit union company and our trusted partner in wealth management)
Lower down payment requirement – financing up to 90% of the land value is available
Lower interest payments – interest paid only on disbursed amounts
Accelerated repayment due to increased principal payments in the first 5 years
Easier for family members and/or other qualified buyers to obtain financing thereby increasing potential for a sale
Receives payments over a five year period, which may result in tax advantages
Assists with retirement and estate planning
Farm Transfer Program is subject to program guidelines. Program guidelines are available to be discussed with one of our business advisors at any time.