UK Agricultural Finance, specialist lender to the rural and agricultural sector, has completed a complex £1.2m bridge loan in the North East.
The company recently completed the bridge loan to assist a farmer acquiring almost 500 acres of neighbouring farmland and buildings.
The farmer wanted the ability to quickly sell some land for residential development, convert many of the outbuildings for residential use and then sell them.
In addition, he wanted to parcel up some of the land into smaller lots to sell on at an attractive price to other neighbours, to reduce his loan.
With over a dozen different titles plus outstanding Section 106 commitments, the farmer required a sophisticated but pragmatic lender that could work with him to realistically assess the value of the farmland and ensure he secured the finance needed.
Fortunately, UKAF is one of the few specialist lenders in the UK able to provide short and medium-term finance to farmers.
Their expertise ensured the farmer secured a high-quality bridge loan at a an attractive interest rate significantly lower than the market norm.
Louise Old, Head of Business Development for the North East at UKAF, said: "Working within a specialist rural and agricultural team that prides itself on face to face underwriting allows us the time to meet farmers and understand the nuances of the particular opportunity to provide responsible, informed underwriting decisions."