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UK Agricultural Finance completes £3m loan for Poultry Business
UK Agricultural Finance (UKAF) has continued lending throughout the Covid-19 crisis and recently completed a £3m loan for poultry business development and investment.
The £3m loan was provided to borrowers who run a highly professional and substantial business. This was a complex loan to assess, as there were numerous different assets related to the core poultry business, with the acreage and security split across multiple plots. The separate plant being funded should result in the removal of all of their commercial heating needs, while also enabling rainwater harvesting to reduce water charges.
While the borrower has several existing high street lender relationships, they were unable to provide the necessary finance in the time required, given the complexity of the loan and their Covid-19 limitations. UKAF is a specialist agricultural lender, which operates across England, Scotland and Wales. The team prides themselves on helping the rural and agricultural communities to diversify, sustain, grow and improve their business. Their team worked with the broker and the borrower to structure a loan that met their needs, without compromising their existing high street borrowing.
UKAF is proud that during the COVID lockdown, they continued to lend despite the challenges of finding valuers to visit properties, or solicitors able to act for borrowers. UKAF’s ability to lend against agriculture land makes social distancing easier to maintain. Despite the easing of lockdown, more traditional lenders to the sector remain reticent and UKAF is finding their enquiry and pipeline very strong.
Susan McIntosh-Gibbs, Head of Business for UK Agricultural Finance in the Midlands and surrounding areas, said: “Working within a specialist agricultural underwriting team that prides itself on face-to-face underwriting allows us the time to meet farmers and businesses to understand the nuances of the particular opportunity which help to provide responsible, informed underwriting decisions. Working closely with Goodman Corporate Finance helped the borrowers remain informed and secure the right type of financing.”
Paul Goodman, Chair of the NACFB and founder of Goodman Corporate Finance said “Sue and the team at UK Agricultural Finance, took ownership of the loan and worked hard with our team to get the right financing for our client. It is very refreshing to see this in the marketplace and we at Goodman Corporate Finance value this level of determination and ownership to deliver for our clients.”