We were contacted to help source finance for a farming business.
The company was in need of finance to repay an outstanding loan of £40,000 and also to clear the £45,000 of HMRC tax arrears which the business had accrued. 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.
Within a week, we had successfully received offers from three different lenders.
The provider which was eventually chosen, offered a loan of £105,000 to be paid back over a 12 month period with the interest rolled up for the first 6 months.
“ With mounting tax arrears which needed to be cleared, the directors of this farming business sought our advice regarding company funding. The significant amount of equity in the company-owned property helped enormously with securing a loan with competitive terms. ”Karl Hodson, Partner