They had gotten into trouble with a bank and fallen behind due to expansion plans and bad weather ( too much rain ). For 3 long years they fought attempting to hold on as if the property had been sold at the time the price realised would have left them penniless.
The borrowers during the delays 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 fees to finance arrangers for no result. 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 PCL were contacted. PCL arranged funding attended settlement on short notice, assisted in completion of the subdivision. All money lent was repaid and the client further subdivided 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 time world cruise.
Hard deal for some but a sensible safe request outside of traditional lenders and only needing some simple structured loan agreements to secure.