The farmer required finance to buy the land but wanted the ability to quickly sell some land for residential development and convert many of the outbuildings for residential use and then sell them.
Specialist lender to the rural and agricultural sector UK Agricultural Finance has completed a complex £1.2m bridging loan in the North East to assist a farmer acquiring almost 500 acres of neighbouring farmland and buildings.
The farmer required finance to buy the land but wanted the ability to quickly sell some land for residential development and convert many of the outbuildings for residential use and then sell them.
Louise Old, head of business development for the North East atUK Agricultural Finance, said:“Working within a specialist rural and agricultural team thatprides itself on face to face underwritingallows us the time to meet farmers and understand the nuances of the particular opportunity to provide responsible, informed underwriting decisions.”
The farmer also 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.
