The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1919-04-25
PAINT AS AN ASSET.
Bankers Say They Lend More
Money on Property When
Buildings Are Well Painted.
AN INDICATION OF THRIFT.
One Concern Advances IS Per Cent.
More II Repainting 10 Done
: Every Five Years.

Does It pay to paint carefully farm
buildings? Does 1t add to the selling
value Of farm when. buildings are
properly kept up and regularly paint.
ed? A careful inquiry Of number OF
leading bankers in the Mississippi val.
ley, including such states as Iowa, ILL.
nois, Michigan, Ohio, Indiana and Mis-.
souri,, reveals the fact that in nearly
every case the bankers did not hest.
tate to say that they would lend all the
way from 5 to so per cent. more on
land where farm buildings were well
painted and kept in good condition,
They maintain that well kept-up and
well painted buildings and fences are
an indication Of thrift and that the
thrifty farmer Is q good client, and to
him money can be safely loaned. An
average Of the returns from these
bankers shows that the increased loan
value because Of painted buildings is
around % per cent.
Some Of these bankers make inter
esting comment. A Michigan concern
says that, while not especially pre-
pared to advise definitely in response
to this inquiry. the officers would loan
more money ON farms where buildings
were painted than where they were
net so treated. This bank also finds
that where houses. barns and fences
are well taken care Of the farm Is q
profitable proposition, and bankers in
general consider the farmer a good
client. Another Michigan bank says
"farm buildings out Of repair and
needing paint indicate that the owner
Is slow pay" Such farms are rated at
about one-third Of the assessed value
for loans. Where the farm. buildings
are in good shape the rating Is one
half. The president of q middle west
efn bank says that when real estate
loans are considered, painted buildings
are always taken into consideration in
making an estimate. The general ap-
pearance Of the property surrounding
the house and barn and also the fields
and fences would be carefully observ-
ed. He further says that he has no
hesitancy in saying that he would alb
solutely refuse loan on farms where
the buildings were not kept up and
well painted. In his judgment, un-
painted farm buildings weuId reduce
the loan value at least Is per cent.
A Minnesota banker says that he is
much more willing to loan money
where the buildings are well painted
In his particular case he believes that
he would loan 20 per cent more than
IL the buildings were not properly
taken care of. A farmer who will
keep his buildings painted takes q
much deeper interest IN his work than
one who does not. Another Mime
sofa bank says that well painted build
ings have resulted In securing from
his bank sometimes as high as % per
cent. more money than where the
buildings are not painted An Ohio
concern says that 1t will loan % per
cent. more money on n well kept farm
where buildings are painted at least
once every Ave years A southern ILL.,
nois bank says that 1t has no fixed
rule about this, but 1t does make q de-
cided differences. when owners Of farm
lands apply for loans. II the buildings
are well painted and thus well pre-
ssrxsd the loan rate would not snly