Owing to the sensitive nature of the agreement involved in this case, our clients have asked we keep their details anonymous. However, they were delighted with the support and advice that R&BS gave them over an extended period and were happy we shared their story.
Mr B and his family shared a farm that had been in the family for over 70 years. They also ran a successful specialist business in the agricultural sector. With multiple people and families involved, they collectively agreed to buy members out of the farm and business.
Mr B and his children needed around £1 million to buyout his extended family, whilst also covering stamp duty fees and professional fees.
No experience or track record of borrowing so benefitted from independent advice
With no track record of borrowing before, the family felt they needed expert advice independent from any bank. One of their professional advisers recommended they speak to Rob Lister.
Mr B said: “Rob provided us with support and the banks with information they needed to ensure our proposal ticked all the right boxes. He was always at the end of the phone, so when our plans were adapted we could easily and quickly find out how much we could borrow and what it would cost.”
The family wanted a 50% variable, 50% fixed rate loan over 25 years - all on a capital and interest repayment basis.
With profits levels that could support a loan of this size and security that commanded excellent rates and terms, Rob knew that if presented correctly, the main rural banks and high street lenders would all be keen to lend.
An appropriate lending proposal put to all main lenders to get competitive offers
By putting the proposition out to multiple banks, we could choose the bank, its manager and the right deal that most suited the family at an excellent and competitive price.
As with all his cases, Rob prepared a thorough business lending proposal together with personal financial statements for the banks. Once offers were in, he negotiated amongst the banks. This led to attaining a competitive offer, minimal early repayment fees, competitive fees and minimal restrictive covenants.
Support, advice and communications with the bank
The business separation negotiations took nearly three years. Wisely, the family sat down and reached decisions together which involved Rob, their solicitor, accountant and land agent. Throughout this time, Rob was on hand to offer advice and to liaise closely with their chosen bank.