America Needs Farmers,
and Farmers Need Great Lending Partners
Volatile international trade. Challenging weather patterns. RFS waivers. Swinging commodity markets. Your farmers have taken quite the ride the last couple of years. As an ag lender, you are likely well-aware that many of your farming clients are in stressed cash positions. If you've been working in this industry long enough, you know that having a strong relationship with your farmer, and helping them out whenever you can, goes a long ways.
This year it is especially important and challenging being your farmer's lending partner. Your institution needs to be competitive with interest rates, but not over extend your risk, while assisting your farmer with their capital needs. Throw in the additional challenge of not being able to meet all your farmers face to face this fall, and you have a tough loan renewal season ahead of you.
How Iron Comps Helps
Iron Comps has already been helping ag lenders across the country quickly and accurately determine values for those intermediate equipment assets on their farmers' balance sheets. If you are not familiar with how we are helping other lenders, here is a quick video showing that process. It should be mentioned that many of our ag lending clients adopted Iron Comps after receiving feedback from examiners to improve and standardize equipment valuations across multiple branches. Iron Comps quickly helped them pass those examination standards, and it can do so much more!
More recently, we've found a way to help farmers as well. Many farmers will be looking to either buy, sell, or trade their equipment for tax purposes after harvest this fall. With Iron Comps, you can strengthen the relationship with your farmer by finding comparable sales of their equipment in seconds, saving them time, and potentially thousands of dollars by either under pricing or over-paying.
Second, determining an accurate value of your farmer's fleet may have required an appraisal team in the past. Now, you can quickly use Iron Comps' Equipment List to save your farmer's fleet in your database, for an always up-to-date valuation. No more deciphering a hand-written list or out-date excel sheets. Other banks are already using this to help pass examinations.
We understand learning new systems can be overwhelming. That is why our engineering team designed the Iron Comps interface for simplicity. Now with our free trial, you can discover machinery values in under 5 minutes! Just go here, click the big green button and see for yourself!
If you or anyone on your team is less familiar with what influences the value of ag equipment, here is our guide on the major factors that affect used farm equipment values. Feel free to share!
While a majority of farms are smaller to moderate in size and would benefit from the Insights offer mentioned above, those few larger farming clients who are continually trading equipment may benefit from their own subscription to Iron Comps. Here is a resource you can easily share if you think Iron Comps would help their operation save money on better trades. Plus, they would automatically be able to share their equipment list with you and your Iron Comps tool for instant values into your balance sheet for loan renewal time!
2020 Farm Loan Renewal Season
Speaking of sharing... Earlier this year we had the honor of hosting Jeff Plagge, Iowa Superintendent of Banking, and Tanner Winterhof, Senior VP of Commercial Lending at VisionBank, in a discussion about what lenders should expect going into this 2020 lending season. This video has already been shared with some of the largest ag lending organizations across the country. Feel free to share with your team as well.
Iron Comps has already helped dozens of lending partners across the country improve their valuation process and better help their farming clients. With our scaled pricing, there is an easy entry point for any size of organization. If you are not yet convinced, just check out our current list of clients.