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What's New in 2011 - MASC Lending
Limits Increased for Direct, Comprehensive Refinancing, and Alternate Energy Loans
The limits on loan amounts for Direct Loans, Comprehensive Refinancing loans, and Alternate Energy loans have increased. Individuals may now borrow up to $900,000 (up from $825,000); corporations, partnerships, and cooperatives may now borrow up to $1.8 million (up from $1.65 million).
Net Worth Limits Raised
The limit on net worth for MASC loans has been raised, to $1.5 million up from $1.35 million.
Off-Farm Income Limits Raised
The off-farm income limit requirement on MASC loans has increased to $130,000 (up from $125,000).
Farm Housing Limit Raised
The allowable loan limit for MASC loans to be used for on-farm housing has been increased to $240,000 (up from $230,000).
Management Training Credit expanded to include Comprehensive Refinancing and Alternate Energy Loans
The Management Training Credit (MTC) is now available for Comprehensive Refinancing and Alternate Energy Loans. Borrowers who are eligible for the MTC will receive a 1% credit on the principal amount of an MASC loan.
Short-term Renewable Rates added to MASC Loans
MASC loans are now available with 1, 2, 3, and 4-year renewable rates (in addition to the existing 5-year renewable rate). These short term renewable rates are only available for new loans, and are applicable to all long-term MASC Direct Lending programs.
General Purpose Mortgage added to Direct Loans options
MASC has introduced a General Purpose Mortgage as part of the Direct Loans program, which will expedite the approval turnaround times on subsequent loans for existing customers. With this multi-draw mortgage, customers can borrow up to 80% (90% for young farmers) of the market value of their collateral, and are allowed to subsequently borrow up to this amount without new security registrations or associated legal costs.
Onsite Wastewater Management Systems Loan Program
MASC's new Onsite Wastewater Management Systems (WM) loan program provides a loan of up to $20,000 for the costs of phasing out a rural sewage ejector and installing a disposal field that complies with the new Onsite Wastewater Management Systems Regulation (M. R. 83/2003).
Limits Increased for Stocker Loans and Livestock Association Loan Guarantees
MASC has increased the borrowing limit on Stocker Loans to $300,000 (up from $250,000), and has also raised the limit on Loan Guarantees for Manitoba Livestock Associations to $300,000 (up from $250,000).
