Ambitious Darling Downs farm hand acquires first harvester via farm equipment loan

CHALLENGE:

A part-time farm hand wanted to buy his own harvester but his risky credit profile prevented lenders from extending any farm equipment loan.   

OUTCOME:

AgLend successfully negotiated for equipment financing with a sympathetic lender, at a market-leading rate.

Dreaming of a better future, a part-time farm hand at the Darling Downs sought financing to purchase his first harvester and do business as a farm contractor.

Challenges loomed. The farm hand had a day job, was a first-time equipment buyer, and about to become a first-time farm contractor who has just recently attracted his very first batch of clients. The clients were local farmers who had offered work for the young farm hand to harvest their crops.

Not surprisingly, most lenders felt accommodating the inexperienced, casually employed farm hand was just too risky.

AgLend fortunately stepped in and managed the entire application process, engaging a new lender that had a better understanding of the farm hand’s potential and was willing to consider future work contracts in assessing his payment capacity. While helping structure the farm equipment loan, AgLend successfully negotiated for a market-leading rate.


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