£22,500 for tractor purchase

Location: Nr-Exeter, Devon

General Background

This arable farmer had an ageing tractor which needed replacing urgently because of a failed gearbox and he was due to begin drilling. His high street bank couldn’t help in a short timeframe as loan applications were taking a minimum of two months for a decision and there were no guarantees of it being successful.

 

Finance Background

  • Sole trader
  • Tenant Farmer
  • Maxed out on £20,000 overdraft but well managed
  • Small loss in business accounts for last 2 years
  • One other equipment finance agreement with 2 years to run

Alchemy Funding Approach

  • Type: Sale & Leaseback
  • Term: 60 months
  • Funding security to value: 48%

Security

  • Tractor being purchased
  • Round baler
  • Bale trailer
  • Pickup truck

Rate

  • 6.9% net

Location: Nr-Exeter, Devon

General Background

This arable farmer had an ageing tractor which needed replacing urgently because of a failed gearbox and he was due to begin drilling. His high street bank couldn’t help in a short timeframe as loan applications were taking a minimum of two months for a decision and there were no guarantees of it being successful.

 

Finance Background

  • Sole trader
  • Tenant Farmer
  • Maxed out on £20,000 overdraft but well managed
  • Small loss in business accounts for last 2 years
  • One other equipment finance agreement with 2 years to run

Alchemy Funding Approach

  • Type: Sale & Leaseback
  • Term: 60 months
  • Funding security to value: 48%

Security

  • Tractor being purchased
  • Round baler
  • Bale trailer
  • Pickup truck

Rate

  • 6.9% net

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