Providing funding for growth (literally!)
United Trust Bank is very active in the agricultural sector, particularly when farmers are looking to refinance equipment to raise funds for a range of different purposes.
We are regularly approached by our brokers to fund some quite unusual purchases for their farming customers. For example, we have provided funding for some new heifer cows to add to an existing herd and, in another transaction, enabled the renovation of some farm buildings.
When approaching their own Bank some would have been asked to jump through a series of hoops and, in many cases, incur additional costs.
The Bank recently completed a refinancing transaction for a farmer wishing to fund the purchase of a substantial amount of fertilizer over a short term period. A combine harvester was pledged as security and this was quickly valued and the proposal agreed with the minimum of fuss or delay. When the customer needed to draw down the facility the documentation was ready and waiting, with funds released exactly when required.
When a little creativity is needed to make a refinancing proposal work, we always try to come up with a flexible and workable solution which will suit all parties.
Loan size: £85,000