From Cornwall to Scotland: A Journey of Resilience and Growth with UK Agricultural Finance
Our borrowers’ journey is a testament to resilience and determination. From selling their smallholding in Cornwall to purchasing a 50-acre farm in Scotland, their path was filled with challenges. Thanks to tailored financial support from UK Agricultural Finance, they overcame hurdles and built a thriving farm despite unprecedented obstacles.
The Challenges of Moving an Agricultural Business
Our borrowers’ journey began with the decision to sell their smallholding in St Agnes, Cornwall, and pursue new opportunities in Devon. Initially, their plan was to purchase land and develop it, but securing planning permission on their preferred field proved impossible. However, they finally managed to gain permission to convert three barns into residential properties, which they sold along with the remaining land; their relocation plans remained in flux.
Their search for a suitable property in Cornwall and Devon faced setback after setback, with multiple opportunities falling through. Eventually, their journey took an unexpected turn northwards, leading them to Scotland. Here, they found a 50-acre farm that suited their vision.
However, relocating across the country wasn’t without challenges. Moving their home and business was one thing, but transferring their flock of sheep and their herd of pedigree South Devon cattle added a layer of complexity. The process was as emotionally taxing as it was logistically demanding.
Despite the obstacles, our borrowers remained determined to establish a new life. Their resilience and commitment to building a future in farming formed the foundation of their eventual success. It was this tenacity that caught the attention of UK Agricultural Finance and became a cornerstone of their partnership.
Why UK Agricultural Finance?
Traditional lenders were unable to support our borrowers’ ambitions due to the absence of conventional farming trade figures. Their income had primarily come from agricultural buildings and residential house construction, leaving them without the typical financial history banks required. This created a significant roadblock as they sought to fund their move and new farming venture.
UK Agricultural Finance, however, took a different approach. By recognising the couple’s strong business acumen and their successful track record in running enterprises, we saw potential where others only saw risk. Our borrower’s determination to transition into full-time farming, paired with their clear business forecasts, provided a solid foundation for support.
UK Agricultural Finance offered a flexible solution, providing the funding necessary to purchase their new farm. This flexibility and ability to assess unique circumstances not only enabled our borrowers to move forward but also built a trusted partnership that would prove vital to their success.
Tailored Agricultural Financial Support
UK Agricultural Finance provided the borrowers with a bridging loan of about £250,000 to purchase their new Devon farm following their initial move, the farm was valued at £475,000. The 36-month term allowed them the flexibility to establish their new farming enterprise. However, when unforeseen challenges arose – most notably the Covid-19 pandemic combined with the decision to move – we extended the loan by a further 24 months, giving the couple the breathing room needed to adapt and thrive.
This adaptability was key to their success. The shift to remote interactions during the pandemic presented its own challenges, but UK Agricultural Finance worked closely with the borrowers, maintaining constant communication through Zoom and telephone. One particularly memorable meeting was conducted on laptops from the borrower’s cattle shed, as their cows were calving. We had one cow decide to give birth right in the middle of the meeting.
Our personalised support not only allowed them to secure the farm but also demonstrated a genuine understanding of the realities of agricultural life. This pragmatic and empathetic approach helped the couple weather uncertain times and move closer to their goals.
The Road to Success
Our borrowers’ adaptability and hard work were instrumental in overcoming the challenges they faced. When Covid-19 disrupted their self-employed business, they pivoted, taking on local employment roles to secure stable income. At the same time, they developed the farm’s potential, selling cattle, sheep, and fodder to nearby neighbours.
The couple’s willingness to embrace change and their tireless effort transformed the farm into a thriving enterprise. With consistent updates to UK Agricultural Finance throughout their journey, they demonstrated the value of strong communication and collaboration.
Recently, our borrowers were able to successfully refinance their loan with NatWest, marking the culmination of their financial journey with UK Agricultural Finance. This milestone allowed them to secure long-term stability while continuing to grow their farm. Their story is a testament to resilience, flexibility, and the importance of bespoke financial solutions in helping rural businesses achieve their ambitions.
Kind Words and a Happy Ending
Our borrower’s heartfelt words highlight the impact UK Agricultural Finance had on their journey:
“I also wanted to thank you for all of your help, guidance, patience, and support along the way. Without you all, we would not be here, so many thanks for believing in us. Hopefully, you will be rid of us and not have to take any video calls when cows are giving birth!”
Their story underscores the importance of having a lender who not only provides funding but also stands by borrowers through every challenge. Our tailored support, understanding of unique circumstances, and flexibility ensured our borrowers could achieve their vision.
At UK Agricultural Finance, we believe in turning obstacles into opportunities. Stories like this one illustrate how bespoke financial solutions can help farmers and rural business owners thrive, even in the face of significant challenges. Let us help you write your success story.