PCL Money was contacted by an elderly couple who owned a 3rd generation farm. They had gotten into trouble with a bank and fallen behind due to expansion plans and bad weather (too much rain).
For three long years they fought attempting to hold on to the property. If the property had been sold at that time the price realised would have left them penniless.
The borrowers managed to get a development application approved by council to subdivide some of the land holding and had presold 8 of the 9 blocks.
They had paid numerous applications fees to financiers without getting any results.
The matter was further complicated by the Farm Debt Mediation Act and although the clients had not sought assistance under the provisions any incoming lender needed to be considerate of the review process.
The clients were at the point of eviction when they sought assistance from PCL Money – one of Australia’s most experienced finance brokers.
PCL Money arranged funding, attended settlement on short notice and assisted in completion of the subdivision.
All money lent was repaid and the elderly couple were also able to further subdivide a residual block.
Now complete the have the family farm unencumbered another 2 blocks yet to sell and plenty of cash to take a well-deserved first ever overseas holiday.
This was a hard deal for some lenders but a sensible safe request outside of the criteria of traditional lending policy.
This is an example of how PCL Money is able to put together finance deals that are considered ‘too hard’ by other lenders
It only needed some simple structured loan agreements to secure.
Talk to the credit experts at PCL Money. Visit their website at www.pclmoney.com.au or call 02 4226 9977 for a confidential discussion and friendly advice.
Please note that the above is general financial information only and is not intended as personal financial advice for which you should contact a licensed financial professional.