Together saves historic family owned dairy farm with £650k loan

By Bridging Loan Directory 18th January 2024

Property lender Together has provided a loan of over £650,000 to save a family farm from collapse.

The dairy farm, which has been in the same family for over a century, ran into financial difficulties in lockdown, in part because its owners had to repay an existing bridging loan.

As a result of the pandemic – which affected agricultural businesses across the UK – their historic accounts showed losses, and some lenders refused to help despite their businesses’ account now showing a profit.

They contacted broker Heartland Financial, who approached Together with their case.

The Cheadle-based lender, which has a £6.6bn loan book, was able to look at the business’s current financial position and projections provided by the family’s accountant.

Together agreed a commercial mortgage to refinance their existing debt, securing the farm for the next generation.

Martin Bloe, Intermediary Sales Manager at Together, said:

“Like so many of the UK’s crucial farming communities, our customers found themselves in a terrible position following the pandemic.

The dairy farm had been in the family for over 100 years, so to lose its heritage would have been a massive blow.

Despite many lenders taking a tick-box approach to this case, we could clearly see that things were looking up, and were able to provide the family with the finance they need for success.

At Together we take a common sense approach to our cases, and could clearly see that this farm had turned a corner and had a bright future.

We’re delighted to have been able to provide the finance needed and secure the property for generations to come.”

Martin Collins of Heartland Financial said:

“This case is a perfect example of broker and lender working together successfully.

Despite the tight deadline to complete this deal, all parties worked in unison and as a result we managed to complete two weeks ahead of schedule.

The customers were delighted with the service they received, and we are pleased to have played a part in giving the family farm a future.”