MetLife announced today that its institutional asset management platform originated $2.9 billion in global agricultural loans in 2017, pushing its ag mortgage portfolio to $15.3 billion.
In a press release, MetLife said that it now ranks as the largest non-government sponsored, agricultural mortgage lender in the United States. The estimate was based on publicly available records, the release stated.
“Last year our agricultural finance group continued its success in expanding our portfolio of high quality agricultural loans,” said Robert Merck, senior managing director and global head of real estate and agriculture at MetLife Investment Management (MIM).
Despite industry challenges in 2017 — including natural disasters and relatively low commodity prices – the company’s ag lending platform “continues to be an important and reliable source of agricultural credit to rural America and key emerging markets internationally,” Merck said.
The $2.9 billion in global ag loans were generated across more than 400 transactions, contributing to a 4.7% year-over-year increase in agricultural mortgage loans managed, the release specified.