Business Loan Saves Farming Business
Published: 8th October 2019
We were contacted to help source and secure funding for a farming business.
The Problem
The company was in need of finance to repay an outstanding loan of £40,000 and also to clear £45,000 of HMRC tax arrears. The company owned a property valued at £1.5m, which had an outstanding commercial mortgage of £370,000 secured against it. The bank agreed for the valuation to be made available to potential lenders in order to help with the application for further funding.
The Solution
Within a week we had successfully received offers from three different lenders, and these were put forward to the business owner for consideration.
The Result
Once a decision was made regarding a provider, we finalised the application. The provider that was eventually chosen offered a loan of £105,000 to be paid back over a twelve-month period with the interest rolled up for the first six months.
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