bank again !

whelan1

having a farm visit from bank manager and banks farming advisor their main concern is i made a loss last year - who didnt - any one have a visit from them what was it like , also my income was down 100,000 last year on the year before which was due to crap weather and the milk price , i suppose at least they are coming out and not ignoring my calls :rolleyes:

vanderbadger

cant say i have ever had them out but then by the sounds of your income reduction there you are doing some serious farming and on a totally differnt scale

Tipp Man

Is your accountant going to be there? Might not be any harm to have him/her there, not from a confrontational point of view, but just maybe as a back up for yourself, make the meeting a little easier on yourself with regards to the numbers etc

Even if only from the numerical point of view i.e 2 of them v 2 of you is easier than 2 v 1 and physcologically puts them a little on the back foot and maybe not as agressive as they might be (not saying for 1 second they will be but you never know)

We haven't had the bank out in a long long time, when we were buying land a lot in the 80's they used to come out, quite often it was just to check that you have what you say you have with regards to stock, tractors, land etc. There was never any issues and quite often it seemed they just wanted to get out of the office for a day for a chat and a stroll.

Things are a lot tighter now in the banks, we are in the process of trying to buy some land and the loan has to go to the regional head of agri lending in Cork, whereas all our previous land loans were given by the local branch

Bitten & Hisses

Tipp Man wrote: »

We haven't had the bank out in a long long time, when we were buying land a lot in the 80's they used to come out, quite often it was just to check that you have what you say you have with regards to stock, tractors, land etc. There was never any issues and quite often it seemed they just wanted to get out of the office for a day for a chat and a stroll.

This is often the case. I know someone who's looking at buying land at the moment and he's had two visits from the bank. Nothing sinister about it and nothing constructive, just a "justifying my existence" kind of visit and it ticks the box for the bank guys that they're being pro-active about dealing with their customers. Plus, I guess they get a "feel" for how you operate, what kind of person you are, etc. That said, it's no harm having your accountant there just in case his/her knowledge is needed.

snowman707

whelan1 wrote: »

having a farm visit from bank manager and banks farming advisor their main concern is i made a loss last year - who didnt - any one have a visit from them what was it like , also my income was down 100,000 last year on the year before which was due to crap weather and the milk price , i suppose at least they are coming out and not ignoring my calls :rolleyes:

just show them your returns for the few months your income should up about 40% on last year print off you herd profile to show that you havent de stocked,

snowman707

Tipp Man wrote: »

Things are a lot tighter now in the banks, we are in the process of trying to buy some land and the loan has to go to the regional head of agri lending in Cork, whereas all our previous land loans were given by the local branch

true, discussed this with the local manager, said he could give me €30K unsecured on the spot, anything bigger would have to be sanctioned, at head office

I remember when I bought the out farm in 1985, met the manager in the pub one night and mentioned I was interested, told me to work away write the cheque for the deposit and to call in the following day. .different times

whelan1

thanks lads , i will bring them on a tour of the farm and then get down to the serious stuff:rolleyes: dont want to bo going back to them in a few months again

Tora Bora

whelan1 wrote: »

thanks lads , i will bring them on a tour of the farm and then get down to the serious stuff:rolleyes: dont want to bo going back to them in a few months again

Make sure you get them to meet your man that drives the machines for you:D:D

whelan1

Tora Bora wrote: »

Make sure you get them to meet your man that drives the machines for you:D:D

:D:D

whelan1

they where to be here at 2 rang branch at 10 to 2 to give directions and there is no note of the appointment he is in another branch 30 miles away i am raging , typical bloody bank think i will be changing bank after this , waiting for him to ring me back :mad:

tismesoitis

any word after? them feckers think they own us!

whelan1

no word i an livid had everything done and accountant ready the last day i went to go to see him he cancelled me at 5 minutes notice he is a total prick

dar31

anyone got approved for land purchase lately

reilig

dar31 wrote: »

anyone got approved for land purchase lately

I did about 3 months ago. Was the only bidder on 25 acres of land that has fields that are all mixed with my own. I had €60k on it. BOI approved me to €80k but the seller pulled the plug because she thought it was worth more than that. She has had a few forestry land buyers to look at it recently but it has pylons running through it and a lot of domestic esb lines so its not suitable for trees. May get my chance to buy it again before the end of the year.

Its funny because I just finished building a house last March and I have my mortgage with AIB. When I first applied for it, they offered me €100k more than I wanted. My last drawdown was in January. It was €5k to pay the engineer and Solicitor. The house was signed off and all the legal work was done. It took them 3 months to give me the payment. I had to get a valuation of the house and they sent their own valuer to get a second valuation. They pushed me on every front to take €10k instead if €5k. This would have brought the value of the mortgage to above 80% of the value of the property and I would have had to come off my tracker mortgage. They were really sneaky about it - even sending out the second valuer who in fact valued the house higher than my own auctioneer. After 3 months of jumping through hoops for them I regretted not going to the credit union for the last €5k.

pakalasa

reilig wrote: »

I did about 3 months ago. Was the only bidder on 25 acres of land that has fields that are all mixed with my own. I had €60k on it. BOI approved me to €80k but the seller pulled the plug because she thought it was worth more than that. She has had a few forestry land buyers to look at it recently but it has pylons running through it and a lot of domestic esb lines so its not suitable for trees. May get my chance to buy it again before the end of the year.

Its funny because I just finished building a house last March and I have my mortgage with AIB. When I first applied for it, they offered me €100k more than I wanted. My last drawdown was in January. It was €5k to pay the engineer and Solicitor. The house was signed off and all the legal work was done. It took them 3 months to give me the payment. I had to get a valuation of the house and they sent their own valuer to get a second valuation. They pushed me on every front to take €10k instead if €5k. This would have brought the value of the mortgage to above 80% of the value of the property and I would have had to come off my tracker mortgage. They were really sneaky about it - even sending out the second valuer who in fact valued the house higher than my own auctioneer. After 3 months of jumping through hoops for them I regretted not going to the credit union for the last €5k.

That says it all about the banks doesnt it. Thay have no basic decency whatsoever.

Heard a story a while back about an old guy that died leaving everthing to a relative. It turned out that all his life savings had been sitting in a current a/c over the years. He went balistic threatening to take them to court. He ended up getting back payment for the equivalent interest on a savings a/c.

whelan1

they have us over a barrel you cant eat the head off them as you will get nothing its not our fault the whole thing is screwed up ... my bankman coming out next thursday will believe it when i see it :rolleyes:

agcons

reilig wrote: »

Its funny because I just finished building a house last March and I have my mortgage with AIB. When I first applied for it, they offered me €100k more than I wanted. My last drawdown was in January. It was €5k to pay the engineer and Solicitor. The house was signed off and all the legal work was done. It took them 3 months to give me the payment. I had to get a valuation of the house and they sent their own valuer to get a second valuation. They pushed me on every front to take €10k instead if €5k. This would have brought the value of the mortgage to above 80% of the value of the property and I would have had to come off my tracker mortgage. They were really sneaky about it - even sending out the second valuer who in fact valued the house higher than my own auctioneer. After 3 months of jumping through hoops for them I regretted not going to the credit union for the last €5k.

Pure roguery by the bank. The sad thing is most people would take the extra facility thinking how lucky they were to get it in the current climate. You should seriously consider reporting this to the ombudsman/regulator or who ever is responsible for policing the banks.

blue5000

They're acting like landlords in the 1800's, only difference is we think we own the land this time round.

Margins are so tight in farming these days that we have no choice but to borrow money to keep up with more and more regulations. Another generation and the average Irish farmer's net worth will be less than 50%

Indubitable

blue5000 wrote: »

They're acting like landlords in the 1800's, only difference is we think we own the land this time round.

Margins are so tight in farming these days that we have no choice but to borrow money to keep up with more and more regulations. Another generation and the average Irish farmer's net worth will be less than 50%

Must find me a job so.