Case Study 1
Equestrian Centre
- Client sought £230,000 (100% finance) for the purchase of 20 acres of land to assist expansion of equestrian centre. Existing bank exposure was £200,000 – therefore purchase of additional acreage would increase total exposure to £430,000.
- Existing bankers offered to lend the additional £230,000 sought at 2.0% above bank base rate over a 20 year term.
- We were contacted and the application was referred to a lender who specialise in the agricultural sector.
- They agreed to refinance the client’s existing bank facility and to provide the full £430,000 sought at 1.5% over bank base rate – representing a 0.5% discount on the client’s existing bank facility.
- In addition the new lender offered the clients a 25 year term facility with the option of interest only payments for the first 2 years.