SECURED BUSINESS FINANCE

Fresh food upgrade needed

Term: 6 months | Amount £400,000 | Feature: option to extend

A fresh food producer, supplying supermarket chains, was told it needed to adapt its handling plant to meet new health and safety regulations or it would lose its contracts.

Traditional agricultural finance houses couldn’t assist due to the intangible nature of the assets and, with the farmers in their late 60s, traditional finance houses were dragging their heels over home mortgage issues.

Outcome

Accredo agreed a 6-month £400,000 loan with one single payment at the end and an option to convert to fully amortising over 5 years if required.