Westrock Capital helps Canadian farmers obtain bad credit farm loans in cases when they may not be able to get funded in a more traditional manner. In addition to helping companies obtain financing for their businesses, Westrock Capital also helps companies obtain financing to acquire companies. The process for obtaining acquisition loans is similar to obtaining other types of loans, except it is often expedited to meet the deadlines of a letter of intent or purchase agreement.
Bank Loans are the most familiar form of loan and usually have the lowest interest rates, however, depending on your individual credit history, bank loans are not always the best bet for bad credit farm loans. Many banks have a preference for loans secured by real estate or machinery and equipment. For most smaller mid-market companies, banks will require personal guarantees of the owners. Banks prefer floating interest rates, but fixed interest rates are also available. Fees are smaller than what non-bank lenders charge. Most banks describe themselves as cash flow lenders, but that can be a little misleading as they typically limit the loan amount to the adjusted value of the collateral.
Asset-based loans generally place primary reliance on the collateral. These loans may often utilize a higher advance rate than a traditional bank loan which means you can often borrow more money using the same assets. Because asset-based lenders focus on the collateral, they may be less concerned about the level of your current profitability or your amount of leverage. Some banks provide asset-based loans, but generally non-bank lenders provide more aggressive terms to smaller middle market companies. Asset-based loans may consist of revolving lines of credit or term loans secured by machinery and equipment. Westrock Capital often assists their clients with bad credit farm loans via Asset-Based Loans.
Problems in qualifying for traditional loans may allow Westrock Capital to help you obtain a private money mortgage, in the case that you and/or the income of your property do not qualify for a traditional mortgage loan. It might be credit trouble from your past, excessive debt or that your property is not producing a sufficient cash flow to covert the proposed. In these cases the private mortgage lender may be the only available source for funds. Westrock Capital works with private money mortgage lenders to obtain bad credit farm loans for their clients.
While a traditional lender may look to the property, the borrower and his/her credit, a private money mortgage lender is concerned with the appraised value. As security, the property is producing or can produce sufficient income to pay the note and the value of the property leaving the issues of the borrower's credit or income as a less important factor in providing the loan.
A private money mortgage lender can usually complete a transaction within 7-10 days. As the property itself is the main criteria in determining loan approval, there is much less examination of the borrower and the borrower's other properties. The private mortgage lender can generally make a decision within 48 hours of receiving information; whereas a traditional lender may take weeks to have a loan committee commit to the loan. Westrock Capital can assist our clients with bad credit farm loans in a timely manner and they can help you too.
If you need financing for your agricultural venture but your credit history is not great, consider contacting Westrock Capital. We specialize in bad credit farm loans for farmers across Canada and we can can help you obtain the financing you need. Call Westrock Capital today at 877.995.1829.
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