Painless finance made possible with your own account manager
We understand that your time is valuable, so your dedicated account manager will work their hardest to undertake as much of the process as possible.
Richmond Asset Finance are a major funder of Dairy and Beef breeding cattle in the North West and surrounding areas. If you are replacing or expanding your dairy or beef herd we have funding available through Hire purchase and loans up to 48 months with no additional security required other than the livestock being financed.
Richmond Asset Finance are able to fund your cattle through:
- Livestock markets
- Farm to farm
- Livestock brokers
- Farm sales
We can provide effective farm finance strategies for various sized projects. With a general lack of lending in the marketplace, we offer a solution for farmers to source their funding needs.
Richmond Asset Finance can help you with agricultural finance for the following:
- Tractors & self propelled
- ATV & RTV
- Grassland machinery
- Cultivation machinery
- Drilling & planting machinery
- Harvest machinery
- Livestock handling systems
- Robotic milking systems
- Grading lines
- Farm security
- Food processing units
- Bottling plants
- Livestock feed systems
- Irrigation equipment
Richmond Asset Finance can finance any new or used piece of agricultural machinery and equipment with no age limitation, supplied by either a specialist agricultural dealer or bought privately through a fellow farmer or auction. Manufacturers subsidised finance is periodically available through Richmond Asset Finance based in the North West, Leeds and Yorkshire.
We can finance any make and model of agricultural plant and machinery irrespective of age, please contact us with your requirements on 0113 288 3277
The Government have announced that they will be supporting the agricultural, food and drink industry in the coming months following the COVID Pandemic.
The agriculture, food and drink industry is the UK’s largest manufacturing industry and plays a vital role in the UK’s food supply chain, which contributed £121 billion to the UK economy in 2018 – supporting around 4 million jobs. In 2019, UK food, feed and drink exports were worth £23.7bn – up 4.9% from 2018.
The measures introduced today will support producers, manufacturers and agri-tech companies across the food supply chain, from farm to fork, and has been developed with insight from the devolved administrations, trade associations, businesses and DIT’s regional and international networks.
The UK agriculture, food and drink industry has been significantly impacted by Coronavirus. Although it has done well to adapt, exports have been hit and the Government is committed to supporting this most important of industries get back into international markets and start growing market share once again.
For more information regarding the Governments plan, visit the GOV website HERE.
Richmond Asset Finance are leading providers of finance to farmers and rural businesses in the North West, Leeds and Yorkshire. We understand and know the needs of the agricultural community and of specialists are here to help.
Unlike many commercial finance brokers and lenders offering finance to farming and rural communities Richmond Asset Finance has a genuine understanding and interest in agriculture, the countryside and rural communities.
Richmond Asset Finance help with Rural Finance including:
- Livestock finance
Our livestock experience covers dairy, beef, sheep and poultry. Our facility can be used repeatedly for auction purchases, B&B, heifer replacement or even new infrastructure.
- Property renovation and repair
We provide loans to help renovate and repair property assets, which result in capital appreciation or income generation.
- Recovery and restructure
We understand the need to take control and rationally plan when financial pressure is acute. Our facility can provide a window to achieve this.
- Renewable energy
We have considerable experience in financing AD, hydro, solar and wind power, for construction or operation.
- Farm Diversification
We understand the need to create new revenue streams and support all types of business diversification, from holiday lets through to farm shops or new crops.
- Purchase of land
We help farmers move quickly to secure land and expand their business, as acreage may come available at any time and often at short notice.
If you have an enquiry regarding rural and agricultural finance, contact us today.
What Is Asset Refinancing?
Asset refinancing is an alternative finance arrangement that offers a simple and straightforward way to raise cash against an asset that your company already owns. Depending on the amount of funds required, you can refinance any single or multiple assets. You don’t even have to own the asset outright; refinancing arrangements can be offered on the equity tied up in company property. Refinancing a number of assets is also referred to as debt consolidation.
Richmond Asset Finance offer a number of different asset financing solutions for your business. Asset Finance is a very useful financing option because of the many benefits to your business. A business in any sector can have many financial assets and there are a number of ways to attain finance for these. In recent times this makes it the third most popular source of finance for UK Businesses.
What Are The Benefits Of Asset Refinancing?
Asset refinancing offers a simple, cost-effective and quick way to secure additional finance for ongoing business activities. You can continue to use the asset offered as security against the loan, whilst using the released funds to invest in new assets, such as a larger fleet of vehicles or new company premises. Most asset refinancing arrangements offer structured payment plans to help business owners budget effectively. Interest rates and charges are agreed upfront so you won’t incur any surprises during the lifetime of the loan. Once the loan amount has been agreed, along with associated rates and charges, you will be required to pay fixed instalments on a weekly, monthly or quarterly basis.
ASSET FINANCE IS ONE OF THE FASTEST GROWING FORMS OF FINANCE TODAY – Call us for more information.
Surveyors are being extremely cautious
Even where a valuation can be done, surveyors are being very cautious. Whilst they will be producing the usual figures for an open market valuation, 30 day, 90 day and 180 day sale, they may also add a revised figure to allow for the likelihood that prices will fall after the pandemic is over. Some surveyors have even taken to writing, ‘this valuation cannot be relied upon’, on their reports. This makes the report worthless to many bridging lenders, who aren’t prepared to lend on the basis of this type of valuation.
Social distancing causing problems with witnessing legal documents
There are currently problems with getting legal documents witnessed by a solicitor as most are now working from home and not seeing clients face to face.
Staffing shortages are affecting lenders too
Lenders have also been impacted by the requirement for staff to work from home wherever possible and have had to set up systems to allow staff to work remotely.
Staffing numbers have been hit by those needing to self-isolate, which has affected lenders’ abilities to deal with new cases.
Selling your home and buying a new property at the same time can be a little tricky.
It can sometimes take a while to sell your home, leaving you without the sales proceeds to buy your new property.
With a bridging loan, you can avoid the stress of matching up settlement dates, move quickly to buy your new home and give yourself more time to sell your existing property.
A stort-term bridging finance is also known as ‘relocation loan’.
Bridging loans explained: How does it work?
A bridging loan is basically finance that allows you to buy a new property without having to sell your existing property first.
Banks work out the size of the loan by adding the value of your new home to your existing mortgage then subtracting the likely sale price of your existing home.
What you’re left with is your “ongoing balance” or “end debt” which represents the principal of your bridging loan. Banks will assess your ability to make mortgage repayments on this end debt.
Lenders use both properties as security and you’ll have one loan (peak debt) to cover both the existing debt and the new purchase.
Between when your bridging loan is advanced until you sell your existing home, most lenders capitalise interest-only repayments on the peak debt which means that you’ll only have to worry about continuing to make principal and interest (P&I) on your current mortgage, rather than trying to manage repayments on two home loans.
After your property is sold, you simply continue to make normal home loan repayments, plus the compounded bridge loan interest, on the new loan.