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banks

  • 08-04-2013 8:18am
    #1
    whelan1
    Closed Accounts Posts: 11,786 ✭✭✭✭


    has anyone gone to their bank recently looking for money and how did ye get on?


Comments

  • #2
    larrymiller
    Registered Users, Registered Users 2 Posts: 1,456 ✭✭✭larrymiller


    Yup, aib- might aswell of been asking the manager for a kidney, moved to boi from the accountants advice and no problem so far, this was 2 years ago!


  • #3
    oooge1
    Registered Users, Registered Users 2 Posts: 79 ✭✭oooge1


    just before christmas i went looking for firstly a mortgage and then a land loan ..had everything ready for them both times, was real open about how the farm was doing and the plan for the future and it proved a good move ..i got both. this was with bank of ireland.. my track record was decent...


  • #4
    holidaygirl
    Registered Users, Registered Users 2 Posts: 173 ✭✭holidaygirl


    Another one that went ok with boi, had everything prepared accounts, plan etc and it took a few weeks but we got a substantial amount.


  • #5
    Bodacious
    Closed Accounts Posts: 2,274 ✭✭✭Bodacious


    i took out a small land loan in january there with aib.. found my local branch spot on in fairness


  • #6
    Milton09
    Registered Users, Registered Users 2 Posts: 451 ✭✭Milton09


    AIB , applied for a fairly hefty bridging loan in Jan. Repayment 100% guarenteed (due to the nature of why I needed the money). They still had 6 different stipulations but the overall experience was ok.

    I've heard from a few people though that BOI are easier to deal with.


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  • #7
    kevthegaff
    Registered Users, Registered Users 2 Posts: 7,084 ✭✭✭kevthegaff


    how much would a dairy farmer milking 100 cows get to buy land at a max with a good bit of land as collateral? and idea...:confused::confused: or a guess..


  • #8
    delaval
    Closed Accounts Posts: 4,949 ✭✭✭delaval


    kevthegaff wrote: »
    how much would a dairy farmer milking 100 cows get to buy land at a max with a good bit of land as collateral? and idea...:confused::confused: or a guess..
    It's all down to your repayment capacity. Asset based lending is a thing of the past that's why it takes so long.
    With 100 cows run efficiently, fully developed, wife working, no kids in college and no borrowings I would suggest that 300k for 20 yrs.That would be c€2200/month including life cover. Add to this no tax relief on principal repaid.
    Would you be comfortable with this?


  • #9
    freedominacup
    Registered Users, Registered Users 2 Posts: 7,920 ✭✭✭freedominacup


    delaval wrote: »
    It's all down to your repayment capacity. Asset based lending is a thing of the past that's why it takes so long.
    With 100 cows run efficiently, fully developed, wife working, no kids in college and no borrowings I would suggest that 300k for 20 yrs.That would be c€2200/month including life cover. Add to this no tax relief on principal repaid.
    Would you be comfortable with this?

    What interest rate are you basing those repayments on?


  • #10
    delaval
    Closed Accounts Posts: 4,949 ✭✭✭delaval


    freedominacup wrote: »
    What interest rate are you basing those repayments on?
    Margin of 3.5 with increase built in for the bumps on the road just to give perspective


  • #11
    maxxuumman
    Closed Accounts Posts: 592 ✭✭✭maxxuumman


    Moving to AIB from PTSB, to get a new sizeable loan. Had everything ready before knocking on their door, business plan, accounts and a good knowledge of the plan ahead. Met up with one of their Ag men, it took 2-3 weeks for them to come back with the thumbs up. Had no real problems.


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  • #12
    holidaygirl
    Registered Users, Registered Users 2 Posts: 173 ✭✭holidaygirl


    delaval wrote: »
    It's all down to your repayment capacity. Asset based lending is a thing of the past that's why it takes so long.
    With 100 cows run efficiently, fully developed, wife working, no kids in college and no borrowings I would suggest that 300k for 20 yrs.That would be c€2200/month including life cover. Add to this no tax relief on principal repaid.
    Would you be comfortable with this?

    This sums it up very nicely, except they really wanted the loan over 15 years. We were happy enough to go that way. I think at a push we could have gone with 20 years.


  • #13
    case885
    Registered Users, Registered Users 2 Posts: 2,536 ✭✭✭case885


    Anyone have much experience with ptsb? I saw rabo bank took over their agri sector which would seem to be a good move.


  • #14
    bob charles
    Registered Users, Registered Users 2 Posts: 6,343 ✭✭✭bob charles


    whelan1 wrote: »
    has anyone gone to their bank recently looking for money and how did ye get on?

    No, but my bank have being on to me looking for money, :D:D


  • #15
    kevthegaff
    Registered Users, Registered Users 2 Posts: 7,084 ✭✭✭kevthegaff


    delaval wrote: »
    It's all down to your repayment capacity. Asset based lending is a thing of the past that's why it takes so long.
    With 100 cows run efficiently, fully developed, wife working, no kids in college and no borrowings I would suggest that 300k for 20 yrs.That would be c€2200/month including life cover. Add to this no tax relief on principal repaid.
    Would you be comfortable with this?
    Im young and would prefer to invest in land than a pension, i know tax wise its not much of an accentive, but between sfp and less rental it will help pay it off


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