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Anyone else finance land through Capital Farm Credit?
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<blockquote data-quote="TominTX" data-source="post: 1741080" data-attributes="member: 28120"><p>Was curious about something and thought I would run it by everyone and see if anyone else has input. We financed our land purchase via Capital Farm Credit, and again later added to that land by refinancing through Capital Farm Credit and wrapping both pieces up into one loan. I have no complaints about them, they were great to work with and everything was smooth, both times. Our interest rate is a little higher than we might have got through a regular bank, but we get a patronage refund every year that is the equivalent of about 2 payments, so with that calculated in, the interest rate is a little less than we would have had from a bank. And the "surprise" check in the mail once a year always seems to come at a really good time.</p><p></p><p>My question is this. Along with the patronage refund comes a statement, the statement lists "Qualified" and "Non-Qualified" surplus. The qualified surplus is what they refund you in the attached check. The non-qualified surplus is profit that the co-op made and is technically holding and can be refunded at a later date at the discretion of the board of directors. Has anyone who may have a loan through them, or possibly another farm credit bureau, ever received any of those "Non-Qualified" funds? That balance continues to grow year after year and has reached a very significant number. I'm just wondering if it's worth getting my hopes up that they will ever actually give me any of that back?</p><p></p><p>Like I said, overall I'm happy with them, but every time I get that statement I wonder...</p></blockquote><p></p>
[QUOTE="TominTX, post: 1741080, member: 28120"] Was curious about something and thought I would run it by everyone and see if anyone else has input. We financed our land purchase via Capital Farm Credit, and again later added to that land by refinancing through Capital Farm Credit and wrapping both pieces up into one loan. I have no complaints about them, they were great to work with and everything was smooth, both times. Our interest rate is a little higher than we might have got through a regular bank, but we get a patronage refund every year that is the equivalent of about 2 payments, so with that calculated in, the interest rate is a little less than we would have had from a bank. And the "surprise" check in the mail once a year always seems to come at a really good time. My question is this. Along with the patronage refund comes a statement, the statement lists "Qualified" and "Non-Qualified" surplus. The qualified surplus is what they refund you in the attached check. The non-qualified surplus is profit that the co-op made and is technically holding and can be refunded at a later date at the discretion of the board of directors. Has anyone who may have a loan through them, or possibly another farm credit bureau, ever received any of those "Non-Qualified" funds? That balance continues to grow year after year and has reached a very significant number. I'm just wondering if it's worth getting my hopes up that they will ever actually give me any of that back? Like I said, overall I'm happy with them, but every time I get that statement I wonder... [/QUOTE]
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Anyone else finance land through Capital Farm Credit?
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