CHICAGO — Tillable Inc. and Compeer Financial have partnered to launch an online loan application, enabling anyone to purchase or refinance farmland directly from a smartphone.
Farmers, landowners and investors can now visit Tillable to shop for a farmland mortgage, refinance their current loans, or finance their cash rent.
The all-digital lending application takes less than 10 minutes to complete, and for the first time ever, qualified borrowers will learn if they are approved for the loan of their choice within seconds. The new service is currently available in selected counties in Illinois, Wisconsin and Minnesota.
“Our new financing program is digital with a human touch,” said Corbett Kull, founder and CEO of Illinois-based Tillable. “Anyone can apply online or by mobile phone 24/7, complete an application in minutes and choose from competitive rates offered by Compeer. And we have customer service specialists who can help at every step along the way. We know quality farmland sells fast, and we’re ready to move as quickly as possible to help farmers grow their businesses.”
Compeer Financial will underwrite and service all loans originated through the partnership. In the near-term, the companies hope to digitize the entire closing process for farm loans.
“Compeer is excited to partner with Tillable to reimagine the way farmers are able to apply for real estate loans,” said Kelly Miller, Compeer’s director of AgTech Financing. “Segments of our farmer-clients are looking for a digital loan process, so partnering with Tillable allows us to offer that easy, fast digital experience through their technology.”
The new financial offering coincides with Tillable’s entrance into the real estate brokerage market. Tillable customers can now buy or sell farmland through the website.
For additional information on both services, visit Tillable.com.