A health worker without prior farming experience wants to run a sheep station, but his credit profile did not pass conventional lending guidelines.
Through AgLend’s farm loans for new farmers, the client was able to acquire a 240-acre property for $421,000 under surprisingly favorable 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.
However, the client’s financing requirement did not fit any typical lending guidelines. The proposal’s high lending-to-value ratio and small deposit compelled many lenders to pass, with one bank noting some risk at the client’s lack of prior farming experience.
Leveraging its extensive network, the wide range of funding options, including farm loans for new farmers, as well as its team’s expertise at loan structuring, AgLend Finance sourced a market-leading rate from a major bank to complete the purchase. Furthermore, AgLend Finance was able to 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 successfully purchasing a 240-acre property in New South Wales for $421,000.