MetLife's agricultural loan portfolio hits $14.5 billion
It may come as a surprise that MetLife boasts it is one of the biggest agricultural mortgage lenders in the nation with a $14.5 billion loan portfolio at the end of last year, the company said in a press release.
"MetLife had a busy year lending to its agricultural customers in the United States and abroad, growing its portfolio to a record level," Robert Merck, global head of the MetLife's Agricultural Finance Group, said in the release. "This year we are celebrating our 100th anniversary as an agricultural lender, a major milestone for us, and something we are especially proud to commemorate. Our customers know that they can rely on us as a trusted source of financing for their long-term growth, and this drives our success year after year.”
Last year, MetLife retained an average loan-to-value ratio of 43 percent in its agriculture mortgage portfolio, the release said.
"We are proud of our performance in 2016, growing our portfolio to its highest level ever despite lower commodity prices and net farm income," Barry Bogseth, managing director and head of MetLife's Agricultural Finance Group, said in the release. "In 2017, we expect to continue our growth by identifying superior agricultural lending opportunities in the United States and abroad."