The challenge:
A health worker without prior farming experience wants to run a sheep station, but his credit profile did not pass conventional lending guidelines.
The outcome:
Through Aglend’s farm loans for new farmers, the client acquired a 240-acre property for $421,000 under surprisingly favourable terms with a major bank.
A full-time healthcare worker from the Australian Capital Territory has been looking to buy a dream getaway property and start his own sheep farm.
The proposal’s high lending-to-value ratio and small deposit compelled many lenders to pass. However, the client’s financing requirement did not fit typical lending guidelines. One bank noted some risk in the client’s lack of prior farming experience.
Leveraging its extensive network, the wide range of funding options, including farm loans for new farmers, and its team’s expertise in loan structuring, Aglend Finance sourced a market-leading rate from a major bank to complete the purchase.
Furthermore, Aglend Finance could negotiate financing for a higher percentage of the property value than was initially available, freeing up additional operating capital for the client.
The healthcare worker is now living his dream after purchasing a 240-acre property in New South Wales for $421,000.
