Thinking about applying for a farm loan? Check that you have prepared this key information first.
At Richmond Asset Finance we aim to make applying for a farm loan as simple, quick and pain-free as possible.
Our farm loans have helped numerous farmers to gain the agricultural assets they need to grow and thrive.
Before applying for a farm loan it’s helpful if you can prepare key information about your business and its plans, to increase your chances of securing finance and speed up the process.
The three key things that lenders will look at when deciding whether to grant finance are:
Business plan– Being prepared is key to securing a farm loan. Having a business plan and financial projections all planned out can help to reassure lenders that you’ve thought things through and get them onboard with your vision.
Creditworthiness– Before applying for finance you should find out how your credit rating is looking. Funders are more likely to invest in businesses that they deem to be less risky, but that’s not to say there won’t still be a financing option for you if your credit rating isn’t great, it’s just best to know where you stand from the start.
Financial information– When applying for a farm loan you will be required to give evidence of your current financial situation. This may include copies of your bank statements, balance sheet, cash flow statement, and details about existing assets.
At Richmond Asset Finance we have over 10 years’ experience helping farmers to successfully secure farm loans to grow their business. We can advise you on everything you need to make your farm loan application successful. Just give our team of experts a call on 0113 288 3277 and we’ll be happy to help.