Term Farm Mortgage
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Term Farm Mortgage is a loan for Nova Scotia farmers which can be used for purchasing an operational farm or additional farm land, for construction of farm buildings for livestock housing or other construction projects such as: greenhouse facilities, milking parlors, silos, manure systems, land clearing, or drainage.
Comments on Funding:
The applicant will pay interest and other fees, if applicable.
The Term Farm Mortgage can be accessed with three term rate options of 3, 5 and 10 years.
Repayment can be amortized over any period from 1-30 years and the repayment schedule can also be tailored to fit the cash flow of a farm.
It is typically secured by real property, livestock, quota, equipment and applicable guarantees.
When It Ends:
Ongoing
Deadline:
Rolling Deadline
Eligibility:
Applicant must be:
Application Steps:
Applicant must:
Applicants must complete the application form on their own, or call for a loan officer to assist or review it with them.
Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.
Documentation Needed:
Applicants must submit:
- 1a completed application form;
- 2a full Business Plan;
- 3Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
- 4a summary of their education, training, work and farm experience, and a description of your current farm program and marketing program, if New Clients to Nova Scotia Farm Loan Board;
- 5Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
- 6Completed Group Life Insurance Application Form for at least one applicant (contact your local office for application forms), or written confirmation of Life Insurance through a private policy assigned to the Nova Scotia Farm Loan Board.
- 7Quota Information Declaration Form if applicable.
- 8Specific information for each business type, as following:
Additional documentation in case of Property Purchase:
- 1Signed Agreement of Purchase and Sale;
- 2Quota Exchange Results (Dairy Quota);
- 3Authorization for transfer of quota;
- 4Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.
Additional documentation in case of Construction / Development:
- 1At the application stage:
- 2Prior to disbursement of funds:
- 3Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable.
Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.
Other Things to Note:
No other details available.
