A profile of nontraditional agricultural real estate lender activity in the secondary market

IF 1.5 Q3 AGRICULTURAL ECONOMICS & POLICY

Agricultural Finance Review Pub Date : 2021-12-27 DOI:10.1108/afr-06-2021-0081

Greg A. Lyons, Jackson Takach

引用次数: 1

Abstract

PurposeThis paper uses novel data from a secondary market to assess how loans from nontraditional agricultural real estate lenders (NARELs) differ from traditional sources. Over $2 billion in loans from these entities were purchased by the secondary market between 2011 and 2020, but a lack of data has prevented a robust understanding of how these institutions operate.Design/methodology/approachThe authors review loans from nontraditional lenders through their lifecycle in the secondary market from application to purchase and performance.FindingsThis paper finds no observable differences between nontraditional and traditional volumes with regards to borrower credit characteristics, loan approval rates, interest margins and loan performance. It finds significant differences between loan volumes and variable rate product use.Originality/valueThis is the first paper to use internal lender data to review nontraditional agricultural real estate loans and is the first analysis of nontraditional agricultural volumes in the secondary market.

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二级市场上非传统农业房地产贷款活动概况

目的本文使用来自二级市场的新数据来评估非传统农业房地产贷款人（NAREL）的贷款与传统来源的不同。2011年至2020年间，二级市场从这些实体购买了超过20亿美元的贷款，但由于缺乏数据，人们无法深入了解这些机构的运作方式。设计/方法论/方法作者审查了非传统贷款人在二级市场的贷款，从申请到购买和履约。发现本文发现，在借款人信用特征、贷款批准率、息差和贷款绩效方面，非传统卷和传统卷之间没有明显差异。它发现贷款量和可变利率产品使用之间存在显著差异。原创性/价值这是第一篇使用内部贷款人数据审查非传统农业房地产贷款的论文，也是第一篇对二级市场非传统农业数量的分析。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Agricultural Finance Review AGRICULTURAL ECONOMICS & POLICY-

CiteScore

3.70

自引率

18.80%

发文量

期刊介绍： Agricultural Finance Review provides a rigorous forum for the publication of theory and empirical work related solely to issues in agricultural and agribusiness finance. Contributions come from academic and industry experts across the world and address a wide range of topics including: Agricultural finance, Agricultural policy related to agricultural finance and risk issues, Agricultural lending and credit issues, Farm credit, Businesses and financial risks affecting agriculture and agribusiness, Agricultural policies affecting farm or agribusiness risks and profitability, Risk management strategies including the use of futures and options, Rural credit in developing economies, Microfinance and microcredit applied to agriculture and rural development, Financial efficiency, Agriculture insurance and reinsurance. Agricultural Finance Review is committed to research addressing (1) factors affecting or influencing the financing of agriculture and agribusiness in both developed and developing nations; (2) the broadest aspect of risk assessment and risk management strategies affecting agriculture; and (3) government policies affecting farm profitability, liquidity, and access to credit.