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Non-Cattle Specific Topics
Every Thing Else Board
Ranch/Cattle Financing
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<blockquote data-quote="Howdyjabo" data-source="post: 582070" data-attributes="member: 391"><p>I have been borrowing money to buy cattle for over 25 years.</p><p>It used to be I would have to prove I had a plan that would make money and have the paper work to prove I had a positive net worth. And they had to have enough collateral to cover the loan by 150%.</p><p>Two years ago when I went in-- the banker said that the extensive paper work I made up for them was not needed any more- that the loans were given totally based on credit scores now.</p><p></p><p>At the time I thought that was stupid- and now its proven that that is a stupid way to lend money. But I sure did like not having to do all that planning and paperwork <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p><p></p><p>The ability to make the payments is good---- but more important is making sure there is enough collateral there to cover the loan no matter what happens.</p></blockquote><p></p>
[QUOTE="Howdyjabo, post: 582070, member: 391"] I have been borrowing money to buy cattle for over 25 years. It used to be I would have to prove I had a plan that would make money and have the paper work to prove I had a positive net worth. And they had to have enough collateral to cover the loan by 150%. Two years ago when I went in-- the banker said that the extensive paper work I made up for them was not needed any more- that the loans were given totally based on credit scores now. At the time I thought that was stupid- and now its proven that that is a stupid way to lend money. But I sure did like not having to do all that planning and paperwork :) The ability to make the payments is good---- but more important is making sure there is enough collateral there to cover the loan no matter what happens. [/QUOTE]
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