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FOR IMMEDIATE RELEASE
CONTACT: Suzanne Wallskog
Heartland Capital Funding, Inc.
(800) 897-9825 |
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HEARTLAND CAPITAL FUNDING, INC. HAS PURCHASED OVER $6,000,000. WORTH OF FARMERS' FUTURE CRP AND PFC GOVERNMENT PAYMENTS.
Prior Lake, NIN. -October 16, 1998 - Heartland Capital Funding, Inc., a leading buyer of periodic payment streams, has purchased over $6,000,000. Of farmers future Conservation Reserve
Program (CRP) and Production Flexibility Con- tract (PFC) payments. Farmers who have signed up under the Conservation Reserve Program and are receiving payments over the next 10 or 15 years can now sell their future payments to Heartland for a present value lump sum.
"Farmers from all over the country have been lumping their remaining years of payments for our discounted lump sum offer" said Suzanne Wallskog, Funding Manager of Heartland Capital Funding. "CRP farmers with an annual payment of $7,000. or more can call our office for a quote. The government is offering to advance the '99 PFC payment, so we have been buying PFC contract pay- ments from the year 2000 through 2002. Because there are only 3 years of PFC payments remaining to purchase, we are looking to buy where the year 2000 PFC payment is $ 1 0,000 or higher."
"Farmers are calling with some very interesting reasons for selling their payments. They feel that this option is a great tool for a va- riety of circumstances. Many are saying that they need operating capital, but they do not want to take on any more debt," Wallskog says. "Others have said that they want to hold their commodity until prices go up and are using the funds provided for cash flow. One enterprising fanner purchased some CRP land, put the best acres into organic produce and used the up-front cash plus his prof- its to pay off the land in a very short period of time!"
To start the process, farmers call us with the annual payment amount on their CRP contract and we can give them a quote in just a day. Heartland will then prepare a written offer. If the farmer accepts, the Farm Service Agency will be contacted and the farmer will receive a check in about 30 days. Heartland uses the assignment fon-n created by the government to ensure the assignment is done legally.
Heartland Capital Funding, Inc. purchase programs vary for CRP payments. "Most transactions have been accepted where we pur- chase 70% of the next 7 years of payments. This allows farmers to still receive 30% of the total each year and all of their last three years of payments. On some larger transactions we have been able to purchase up to 90% of the first 7 years of payments." For PFC payments Heartland purchases the low amount of the estimated payment range for the years remaining through 2002.
Farmers are not required to make up any short fall in payments due to governmental reduction in the overall program 1)avments-., There are no up front charges to the fanner and the offer he receives is net of all fees.
Heartland Capital Funding, Inc. is a leading provider of lump-sum conversions. Since 1993 Heartland Capital Funding, Inc. has been providing their clients cash for future payments. Heartland Capital Funding specializes in purchasing structured settlements, lotteries, attorney fees, large life insurance policies, commercial business notes, seller financed mortgages, and government farm payments including PFC and CRP payments.
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