23 Mar Agricultural Funding Success Story 5 – March 2022
6th generational farmers were going through a full family succession event in conjunction with a new property purchase. A complex arrangement of security and ownership restructures were tangled with a new farm acquisition made for a complex and time pressured funding proposal.
RSP secured temporary bridging finance to secure the new property whilst working through the complex credit dynamics of the succession. A successful credit approval and settlement with a new bank (including the refinance of the bridging finance) allowed for the whole succession event to be completed successfully with minimum stress.
Purpose: Farm purchase & succession
LVR: > 50%
Loan Amount: $10.0m
Risk Rating: Satisfactory
Interest Rate: 2.42%
Lender: Refinance – Mainstream bank