Together provides £1.4m bridge to consolidate Devon farmer’s debt
The farmer had taken out the emergency loans in 2023 after a salmonella outbreak among his herd prevented him from selling milk for six months.
Together has provided a £1.4m bridging loan to a Devon dairy farmer to consolidate six existing loans ahead of his planned retirement.
The farmer had taken out the emergency loans in 2023 after a salmonella outbreak among his herd prevented him from selling milk for six months, resulting in cashflow difficulties.
With the herd now vaccinated and the business performing well, the borrower sought to consolidate the debt into a single facility before selling two farmhouses, their outbuildings and surrounding land as part of his retirement plans.
Together provided a £1.4m unregulated bridging loan over a 12-month term, secured against both farm properties at 48% loan-to-value (LTV) on a retained interest basis.
The case was introduced by Equity One Finance and involved additional considerations including unregistered land, occupancy arrangements and a historic County Court Judgement (CCJ) linked to the property but not the borrower.
As the properties were used as both working farms and family residences, formal AST agreements were also required as part of the transaction.
Dan Narwal, intermediary corporate account director at Together, said: “Multiple existing loans can become an administrative burden for smaller independent businesses like our clients and can often make transitioning out of that business more complicated.
“Consolidating a large debt like this, with a clear and viable exit plan, allowed the client to get their finances in order and move towards an orderly downsizing and retirement.
“The case represents another example of how our Premier for Intermediaries team are making it easier for brokers to submit £1m+ loans and get the right outcome for their high-net-worth and business clients.”
Dale Robinson, director at Equity One, added: “This case had a few stumbling blocks due to issues surrounding unregistered land, occupancy of the security properties and a historic CCJ tied to the property, but not the borrower.
“Together’s team diligently helped us work through these issues and kept the case moving forward.
“My client can now put his plans in place without the additional financial burden of managing multiple loans.”
Related
Aspen provides £1.9m refurbishment facility for Bath conversion
BCRS Business Loans provides six-figure funding for Qube Environmental acquisition
Aspen introduces 85% LTV refurbishment bridge and cuts rates
Breeze Capital appoints new leadership team to expand bridging finance offering
CapitAll Finance joins the BDLA
Sarah Rishworth joins Time Finance as relationship manager
Secure Trust Bank provides £4.5m bridge for Reading scheme
Evolve Business Finance secures Aldermore funding to support Veloom’s growth plans
BDLA confirms final line-up 2026 Annual Conference
TAB provides £7m for Portobello Road property deals
Funding 365 completes £930,000 bridge in 48 hours
