Our agricultural business is growing

According to the most recent figures from the FLA, the volume of new plant and machinery business completed by its members over the summer was around 10% down on the same period of 2022. Not so at UTB, especially following our push to write more agricultural business.

Here are just a few of the purchase and refinance deals we have completed over the summer.

1. £529,000 advance to purchase a potato harvester
Our borrower had the opportunity to secure a 12-month contract which enabled them to vastly improve the profitability of a potato harvester. They intended to sell the harvester at the end of the contract, so we matched the 12-month contract term and agreed repayments and a balloon which suited the customer’s requirements.

2. £136,000 refinance and consolidation
Our borrower wanted to buy assets to support the growth of the farm. however what they wanted to buy wasn’t suitable for financing so instead we refinanced several vehicles and machines to release the £120,000 required plus settled an existing £16,000 agreement to increase overall affordability.

3. £65,000 refinance for divorce settlement
Our borrower was looking for ways to complete a settlement in an amicable divorce. Although his bank had indicated they may be willing to increase their existing mortgage, our refinance of several farm machines was far quicker and easier.

4. £70,000 refinance to fund building works
Our borrower wanted to upgrade some existing farm buildings and we were happy to refinance a Forager to release the money required.