A Financing Success Story
A relatively unknown business partnership provided much needed relief for Mick, a Morton Buildings customer near the East Coast. In need of a barn and an equipment shelter for his ranch in a tiny North Carolina town about 100 miles from the Atlantic Ocean, the thought of standard hefty loan payments for two buildings appeared to be daunting.
Like it has for generations, Morton found an innovative way to make it work for its customers.
“There were not a whole lot of options for a loan,” Mick said. “It was too much money down. We were discouraged, but then a Morton sales consultant suggested the financing option. We talked with a leasing agent, but we were unsure of what it meant and what the advantages were.”
In conjunction with Louisville, Ky.-based AGRIfinancial Services, Morton provides building leasing opportunities on farm and agricultural structures. The concept allows Morton customers to choose between deductible lease payments or asset ownership.
“The leasing agent was very accommodating, answered all of our questions,” Mick said. “A tax accountant talked us through the process and how it worked.”
As we wrote last summer, the setup creates more financial flexibility for Morton customers, utilizing favorable deductions so that customers can write off buildings on a favorable schedule.
“Our fixed payments are one of the most attractive features customers find,” AGRIfinancial Director of Leasing Rob Musselman said. “People want to know what their costs are, and have it locked in for their budgeting. It eliminates any chance of having to pay more.”
“Put another way, buying now (at a modern-time low point in the market) almost assures your financing will never be more affordable,” AGRIfinancial National Sales Manager Bill Medley added.
The process allowed Mick to construct two Morton buildings, a 40’ x 48’ barn and a 30’ x 60’ equipment shelter.
Mick chose an unfinished barn interior from Morton, opting to do the eight-stall interior himself. The equipment shelter is open-faced and primarily used to house a boat and for hay storage.
Both the barn and the equipment shelter have a white exterior, blue wainscot and a red roof made up of Morton’s Hi-Rib steel.
“It’s a unique setup,” Mick boasted. “Nobody else in the county has it. We’re very happy with the color scheme.”
For a project that seemed challenging from the start, Mick seem pleased with the final result.
“The payments are comparable with a loan and the time frame is much shorter,” Mick concluded. “It’s going to work out better than a loan.”