Best Farm Loans of 2023

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With Farm Credit Mid-America, farmers can purchase farmland, construct or repair buildings and other fixtures, and finance equipment, making it our best overall lender for farm loans.

Farm Credit Mid-America can fund any stage of a farming business. It’s the best overall farm loan lender because of its breadth of services and additional features, like equipment financing, cash management, crop insurance, and food and fiber debt syndications.

Closing costs, including title and appraisal, accompany a very low 5% down payment minimum at the beginning of the loan.

In addition to real estate loans, they also offer crop insurance, investments, equipment leasing, and specialized financing for beef, dairy, poultry, swine, and timber farmers. Some of Farm Credit Mid-America’s programs can even fund in less than a month.

As part of the Farm Credit System, this lender has been a financial services cooperative since 1908. As a cooperative, it is owned by its customer stockholders who purchase voting stock. In the Spring of 2022, its Patronage program will return a record $210 million to its eligible customers. Customer reviews appreciate these annual distributions and reinforce consumer loyalty.

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As our best for incremental purchases, AgAmerica Lending’s 10-Year Line of Credit (LOC) is the easiest-to-use program for farmers who want to apply just once, but enjoy the benefits of a revolving line of credit to draw on as they need for a full 10-year period.

We chose AgAmerica Lending’s 10-Year LOC as the best for incremental purchasing because it was designed to save farmers from annual paperwork. That simplicity makes it the smartest financial choice for a farmer who needs funds to expand but only wants to carry debt for what they actually spend.

The closing costs for this LOC are lower than obtaining a term loan to buy real estate. Expect just 3% of the loan size. During the LOC’s life, you’ll never have a prepayment penalty, and you can choose between making interest-only payments or 25-year amortizations to pay down principal.

You also have the option to convert your LOC to a term loan. AgAmerica has agricultural land loans, short-term bridge loans, and rural infrastructure loans for things like solar and wind farms. You’ll need a credit score of at least 680 to work with this lender.

AgAmerica Lending offers operational loans tailored to 15 different agricultural commodity farms, like cattle, row crops, and dairy, just to name a few.

It has an impressive collection of testimonials from its clients. Its nationwide land and commodity expertise, coupled with hands-on customer service, has won it many loyal customers who appreciate the lender's stress-free loan process. Most loans close in under 45 days.

AgAmerica is based in Lakeland, Fla., and Boise, Idaho, and was founded in 2010. It underwrites and services loans from $100,000 to $100 million and is on track to become the nation’s premier land lender.

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American Farm Mortgage & Financial Services offers competitive rates, quick decision express loans, and FSA low down payment loans for borrowers with credit scores in the mid 600s to low 700s, earning our nod for best farm lender for borrowers with good credit.

With a suite of competitive loan programs available to beginning and experienced farmers with credit scores in the mid 600s and low 700s, American Farm Mortgage & Financial Services wins our top vote for borrowers with good credit.  

It has loan terms up to 30 years along with competitive interest rates and flexible payment structures. Loan closing costs can include an FSA guarantee fee of 1.5% of the guaranteed portion of the loan. Other closing costs would be in the $3,000 to $5,000 range. The down payment would range from 5% if you qualify for an FSA program, up to 30% for its non-FSA agricultural real estate loans. 

Other things that make this lender attractive are its real estate secured revolving line of credit program and its AgXpress loan with a one-day decision turnaround time and a max loan size of up to $1.5 million if you have a credit score of at least 720.

American Farm Mortgage & Financial Services is a subsidiary of Legence Bank, a financial institution founded in 1906. It has a customer-focused work practice intended to help business owners, which is why it founded American Farm Mortgage & Financial Services, an agricultural farm real estate lender on a mission to help farmers found and grow their businesses.

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Camino Financial has a small business loan for farmers that can fund within two days and serves borrowers with credit scores above 550, making it our best lender for borrowers with fair credit.

Camino Financial’s small business loan for farmers earns our top recommendation for fair credit borrowers because it accepts scores as low as 550 and funds as quickly as two days.

As expected, rates and fees are a bit higher for lower credit scores. You can expect origination fees of 5% to 7% of the total loan amount. This is a short-term loan, so your payback term will be between two and five years, with no prepayment penalty. Camino lends throughout the U.S., except in New Jersey, Hawaii, and Puerto Rico.

You must own at least 50% of the farm.  After you make eight on-time payments, you can qualify for a loan with a lower APR and a longer payback term.

Its customer satisfaction reviews on Google, Meta, and Trustpilot all average 4.7 stars out of 5.

With an online application, you’ll receive a pre-approval decision in 24 hours. From there, your loan specialist will tell you what documents you need for final approval. It funds your business bank account in two to 10 days, making Camino Financial one of the fastest farm lenders.

Camino Financial was founded in 2014 by two Harvard-educated brothers from the Los Angeles area. Their mother owned 30 Mexican restaurants but lost her business when they were 12 years old. They founded Camino Financial to offer the support that banks had denied their mother when she needed it most.

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Our best low down payment lender, Farm Credit Services of America, can act as the commercial lender partner for the low fee, rate, and down payment loans offered by the FSA, and further stands out with its down payment financing for contract facilities.

Farm Credit Services of America goes the extra step by helping you finance your down payment, making them our best low down payment farm lender.

To qualify for a 5% down payment loan, you need to pursue one of the USDA FSA loan programs. Farm Credit Services of America can help you finance even your down payment money, which is usually something lenders won’t do. 

Naturally, with just a 5% down payment, the borrower’s upfront costs become much lower. All that will remain will be the appraisal, title, and other document fees for the loan to close. During the loan, the annual percentage rates are dictated by the USDA.

Funds from Farm Credit Services of America can be used for cash liquidity during startup operations, restoring liquidity for farms facing operational challenges, and the purchase and breeding of livestock. 

The company has loans and leases, rural home loans, insurance, and specialized financing for large-scale food companies. Credit scores and financial history matter, but they are considered with your whole financial picture. 

The company’s portfolio is sound thanks to how they’ve spread their exposure across several agribusiness capital niches, such as swine, renewable fuels, grain, and forest products, to name a few. This diversity across commodities has allowed them to build their loan volume up to $35.7 billion in 2021. They have grown every year since 2011.

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AdvancePoint Capital’s short-term loans for agricultural and farm businesses can save the day when you can’t qualify for other loan options, making it our best for ease of qualification.

When you can’t qualify anywhere else, AdvancePoint Capital, the lender with the easiest qualification criteria, can probably get you over the goal line, edging out the competition in this category. Their short-term business loans can work with applicants who have low credit and other financial challenges. 

Short-term loans are given for a period of 18 months or less. Users that need short-term financing can reach out to AdvancePoint Capital and pay up to 3% in origination fees. The typical term is less than 12 months and funds within 24 hours.

Founded in 2012, AdvancePoint Capital is based in New Jersey but offers loans for small businesses, including farms, nationwide. Known as America’s small business funding marketplace, they offer loans from $10,000 to $500,000 to help owners improve their financial situation and grow their business.

As a company with high ratings, AdvancePoint Capital is a reliable loan platform that matches users with business loans, lines of credit, invoice factoring, equipment leasing, and business cash advances. 

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Farms require money and expertise to be successful, and our top choice for starting a farm, Farm Plus Financial, offers both.

Farm Plus Financial provides its clients with a team experienced in agriculture, running a farm, and lending, so they are a perfect choice for guiding someone through the beginning stages of funding your new farm wisely. With loan sizes in the $400,000 to $25 million range, that expertise becomes even more critical with large sums of money during the startup phase, making them our best lender for people who want to start a farm. If you’re starting your farm part-time, Farm Plus Financial can help you there as well with their Part-time Farmer Loans.

Most loan options require a 30% down payment, and budget at least $20,000 for closing expenses if your loan amount is in the $500,000 range.

Farm Plus Financial specializes in loan types with variable and fixed-rate options, long-term and short-term loans, part-time farmer loans, and lines of credit. Most of their loan products come with conversion and split options, which give the borrower the ability to convert to a loan that better fits their needs as they change over time.  Customer ratings are exceptional, with Trustpilot scores averaging 4.9 out of 5 stars.

With a minimum 680 credit score, customers can get pre-qualified online quickly nationwide except in North Dakota. They close some loans within a few weeks to a month and post a list of the typical documents needed.

Founded in 2007 in Lone Tree, Colorado, Farm Plus Financial has developed a league of satisfied customers for their agriculture, farm, ranch, and vineyard and winery loans. In addition to Trustpilot, Farm Plus Financial has earned 4.9 stars out of 5 at USA Loans Reviews.