The Scenario: We were asked to fund the completion of works to a newly constructed farmhouse, providing a £330,00 second-charge farm finance facility.
About the project and our funding
The funding was simultaneously used to convert a redundant barn into a farm shop and expand another business. The second charge facility, provided to the first-generation farmer, is to be advanced in stages using the NACFB Patron’s flexible in-house monitoring, subject to progress of works.
Tom Branson of Charterbank said:
“This wasn’t your average farm finance case. The borrowers had undertaken a new build project with no prior experience. Having progressed the build as far as they could, we came into the mix with the property at first fix stage.
“Furthermore, the enterprise is a relativity new one, during diversifying. The requirement also meant a barn conversion project is to be undertaken together with expanding another farm related business located off-site. A holistic view was taken, in effect backing the people as much as the property involved.”
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