Agwest is a Contract Correspondent to Zions Ag Finance (Subsidiary of Zions Banc Corp., Salt Lake City, UT). In laymen’s terms, a “Correspondent” is the Acting Account Officer. Agwest services all loans through maturity. WE ARE NOT LOAN BROKERS! We manage loans from beginning until payoff. We exclusively service a territory covering Texas, New Mexico, Western Oklahoma, Western Kansas, and Eastern Colorado.
You get a local, highly-experienced Account Officer, Zions does not have to keep branch bank offices open all over the area at great expense; and, as a result, effective interest rates are among the lowest offered, giving the customer a highly competitive rate. Your financing needs will be met by exceptional professional service dedicated to offering you great loans for land. AgWest Group, LLC has been a successful correspondent to Zions for 20 years and counting.
AgWest is owned and operated by Timothy T. Jackson, CAC. Tim Jackson has over 42 years of large loan experience, beginning at the Bank of Oklahoma in 1978. Tim also actively managed more than 36,000 irrigated acres for Travelers Insurance, John Hancock Insurance, and Bank of Oklahoma for seven years in the 1980’s. By 1987, his company F.A.R.M.S. Inc. was listed by Agri-Finance Magazine as the 40th largest farm manager in the USA.
Tim Jackson is a Certified Agricultural Consultant and was the American Society of Agricultural Consultant’s President in 1999-2000.
Tim Jackson concurrently had a loan fraud investigation unit and handled several large cattle loan frauds. Tim also Contracted with the World Bank in Eastern Europe, after the “Iron Curtain” fell, serving as “Shadow Agricultural Minister” to Macedonia.
In short, Tim has extensive experience on both sides of the ag lending aisle.
Zions is a nationwide ag real estate mortgage lender. As a division of Zions Bank, Zions Ag Finance has the proud distinction of being one of the nation’s largest originators of secondary market ag real estate loans. Zions Ag Finance services more than $1.8 Billion of ag real estate loans in 44 states primarily in the Great Plains and westward. Zions is not only one of the largest FarmerMac originators in the USA but also has additional sources available as needed. Typically, the loan limit to a single customer at FarmerMac is $50 Million. And its Additional Sources give them an additional $50 Million limit.
There are well over 30 different long-term loans available with options for fixed rates, adjustable rates, and variable rates. Loan maturities range from 5-years up to 30-years. Loans have little or no prepayment penalties. Loans paid-down or paid-off on any payment date does not cause a prepayment penalty.
We tailor a solution to fit your goals. Below are a few guidelines before you apply. (Some of these ratios are determined after we analyze and structure a new loan). Tim will gladly help you, just call 806-680-4445.
- Debt-to-Asset Ratio of 50% or less (Total Debts/Total Assets)
- Current Ratio of at least 1.25:1 (Current Assets/Current Debts)
- Available Cash to Service Debt Ratio of 1.25:1 or better
- Acceptable Credit History of 680 or better.
- Signed Application
- Current Balance Sheet
- Federal Tax Returns – 3 most recent
- Ag Production History – APH
- Entity Documents
- Historical Balance Sheets
- Farm Income/expense Projections
- Asset, debt & Income verifications.
Yes and no. When you have a lot of real estate equity, we can not only tailor a long-term loan but also place a second revolving loan. These loans are usually either r a 5-year or 10-year term, wherein you can pay it down and redraw as needed. The beauty is you only having to qualify once during the 5- or 10-year term instead of every year like you would at your local bank or Farm Credit. Interest is collected twice a year, but the balance can float over the term of the loan. We DO NOT take farm equipment, crops, or insurance as collateral, only real estate.
Today, most successful farmers must market over a longer period time instead of selling crops immediately after harvest. This gives you the ability to borrow at your local bank and then pay if off for the next year’s crop loan. Then you can take longer to maximize your commodity income.