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Reassessing business finance – the time is now

FARMING TALK, RORY GALLIERS

Interest rates for fixed rate loans are at an historic low having continued to fall since the referendum. The Bank of England Base Rate has recently dropped to 0.25% and who knows how long this will last. So looking ahead it could be a good time for investment or to consolidate existing overdrafts or loans.

At Balfours we organise finance for farmers and rural businesses. We are agents for AMC (Agricultural Mortgage Corporation) and we also have access to a wide range of other funding sources to suit most requirements.

Recently we have seen loan offers issued for a 30 year fixed rate loan at less than 3% which is unprecedented.   In a 12 month period we have helped clients to obtain over £20 Million in funding for a wide range of purposes and projects.

AMC will consider loans from £25,000 to £10M+ and we have sourced finance for renewable energy schemes, diversification projects, land purchase, new grain stores and other buildings, business restructuring, overdraft consolidation and many more purposes. Alternatively, we have direct contacts within all the big banks, which might suit your finance requirements.

Our aim is always to take the hassle out of applying for finance or re-finance and wherever possible we will put the application together for you and only ask you for the information that is needed. There is rarely any charge for preparing and submitting an application and fees will usually not be payable until or unless you decide to accept a loan offer.

AMC have what we believe is a unique approach to finance which they call ‘lend and leave’ in that once the loan is in place, whether it be for five or 30 years, they will not trouble you again as long as repayments are made on time and commitments are met. This is in contrast to some other providers who might insist on regular reviews which could incur additional costs and/or a review of the interest rate. 

Now we have a timescale on Brexit, the time could not be more opportune to ensure your finance is serving your business at the best rates. We have even found that reassessing fixed rate loans taken out when rates were higher, adding any redemption penalties to the balance and restructuring the whole into a new loan at current day interest rates can prove cost effective in some cases.  Rory Galliers MRICS FAAV is a partner with Balfours, at New House Windsor, Oxon, Shrewsbury. This email address is being protected from spambots. You need JavaScript enabled to view it..';document.getElementById('cloak79af666f9da3f9de7e9e0c2063175427').innerHTML += ''+addy_text79af666f9da3f9de7e9e0c2063175427+'<\/a>';