Land O’ Lakes Senior Loan Officer Thad Tharp Advises Having a Conversation with Your Lender as Interest Rates Continue to Climb


Between inflation and the rise of interest rates, Land O’ Lakes Senior Loan Officer Thad Tharp advises farmers and landowners to have that conversation with your lender:

“From a farming standpoint, have that conversation with your lender of what is your rate today and when you will be finishing up renewals. Looking at this year’s crop cash flow, that interest rate figure is going to be exponentially higher. Not only that, but two falls ago I put on anhydrous for seven and a quarter and this last fall I put it on for pushing twelve and a quarter. That is just more money borrowed and more interest expense against those acres. Don’t forget that you have to have that borrowed money to operate. Your lender is your friend, and it is a long-term relationship. Be watching your “p’s” and “q’s” because this grain market will change at some point. Just be cognitive of your true costs is what I’m saying.”

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