NORTH DAKOTA RURAL REHABILITATION CORP

Real estate loans--nd rural rhabilitation corporation (ndrrc) participates with the farm service agency (fsa) in providing real estate loans to north dakota farmers and ranchers who are unable to secure conventional credit. These loans have been for borrowers with fsa loans where fsa subordinates their lien to this corporation. Ndrrc also provides direct real estate loans to farmers and ranchers who are unable to secure conventional credit. Some of these loan requests are submitted by credit counselors on behalf of their clients and some farmers and ranchers come directly to the corporation themselves. The loans may involve refinance or existing first mortgage loans which are either being terminated or have such high interest rates that the operators no longer have an adequate cash flow to succeed. Loans for the purchase of land are also made. Ndrrc requires a first mortgage.