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Need to secure loan to enable succession of farm from retiring generation
This is a question we has been sent to us anonymously - your assistance would be appreciated.
Hi , we’re in the process of farm succession, and as part of the deal, we have to take a $400k loan ...... what are the options ? Also, this needs to be done soon as things are tight and my father is ready for the pension. Asset value is approximately $2.4m and they breed for the weaner market in NNSW/SQld.
3 Answers
The succession plan results have mostly been nutted out , was looking at getting a idea of rates and options , will check Agribusiness Brokers tho .
Any my experience with farm succession would help . Some tricky situations
-Beef cattle are my world
Another response from a Farm Table Instagram follower @boothagri:
Legal advice from a solicitor is important - each situation here is different.
-Hi, we are the Farmer Exchange Admin Team. We post questions on behalf of members who want to remain anonymous and monitor the activity that occurs in the Exchange. Please reach out to us if you have any questions or queries at all. We are here to help.
The solicitors advice was basically , sell up and move to the coast .
We have faith in the industry .
We’ve lived on a shoestring budget for the past few years as we’re trying to build numbers , only selling weaner steers at the local weaner sale. Last years sale was below average so had to do it tough . Hopefully prices will be better when it does rain .... we’re dependant on reasonable showers to keep water in paddocks , and not evaporate in the following days
-Beef cattle are my world
Kinsela Ag | 2123 days
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