The farmer who was seeking finance for the scheme had an existing relationship with a high street lender and wanted to increase his facility to undertake the redevelopment on his property.

However, the bank would not take the time to assess the loan as the project wasn’t immediately cash generative.

The team at UK Agricultural Finance – which has significant experience in providing development capital to the rural community – recognised that the farmer had a successful track record of converting two other barns on his property, which he was renting out.

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Members of the team visited the farmer and familiarised themselves with the timeframe required to successfully redevelop the barn and the rental opportunities in the local catchment area.

UK Agricultural Finance took first charge collateral over high-quality farmland in the knowledge that once the redevelopment was finished and rented, the farmer could refinance with the high street lender.

Mark Thompson, chief operating officer at UK Agricultural Finance, said: “Working within a specialist agricultural team that provides manual underwriting allows us to meet farmers, understand the driving factors to their particular opportunity and provide responsible, informed underwriting decisions.

“In this case, we were able to provide an offer in principle within 48 hours and provide financing within a week.”