Property lender Together has extended a loan exceeding £650,000 to save a family-owned dairy farm, with a history spanning over a century, from financial collapse. The farm faced considerable challenges during the lockdown, exacerbated by the need to repay an existing bridging loan.
The pandemic had a significant impact on agricultural businesses across the UK, leading to losses in the farm’s historical accounts. As a result, several lenders were hesitant to offer assistance, despite the farm’s recent return to profitability.
Heartland Financial, a broker, presented the farm’s case to Together, a Cheadle-based lender known for its substantial £6.6bn loan book. Together assessed the farm’s current financial status and future projections, as outlined by the family’s accountant.
Consequently, Together provided a commercial mortgage to refinance the farm’s debt, securing the property for future generations.
Martin Bloe, intermediary sales manager at Together, said: “Like so many of the UK’s crucial farming communities, our customers found themselves in a terrible position following the pandemic.
“The dairy farm had been in the family for over 100 years, so to lose its heritage would have been a massive blow.
“Despite many lenders taking a tick-box approach to this case, we could clearly see that things were looking up, and were able to provide the family with the finance they need for success.
“At Together we take a common sense approach to our cases, and could clearly see that this farm had turned a corner and had a bright future. We’re delighted to have been able to provide the finance needed and secure the property for generations to come.”
Martin Collins of Heartland Financial also reflected on the collaboration: “This case is a perfect example of broker and lender working together successfully. Despite the tight deadline to complete this deal, all parties worked in unison and as a result we managed to complete two weeks ahead of schedule. The customers were delighted with the service they received, and we are pleased to have played a part in giving the family farm a future.”
