A long established farming business wanted to purchase heifer cows from Europe to add to their existing herd. They did not wish to extend their bank borrowings, which they preferred to use for short term working capital purposes, so we were approached by a broker partner with a proposition to raise £130,000 which was the full cost of the new cows.
The purchase needed to take place quickly in order to take advantage of a favourable sale price from a European supplier, so with the assistance of our broker partner, we swiftly assessed the equity in a large number of agricultural machinery items, including tractors, balers and trailers.
Within a tight deadline we subsequently agreed an acceptable payment schedule to refinance the farming equipment over a three year period and the farm went ahead and bought the cows.