thinking about dairy

school522

Well, i'm only sixteen at the moment, have to decide whether to do farming or work. We have 86 acres of goodish land all connecting to each other, however its a long but narrow piece of land. Dad put alot of money into draining etc in the past. I would have to make paddocks, roadways, fencing and reeseed. Then id have to build a whole new milking parlour etc.. ( we currently have 40 cattle the shed is new ). lets say i'll have 70 cows, how much would i earn a year? ( including reps, sfp) and after tax! what would be the cost of setiing up new farm ( if i was doing it i'd buy a good parlour etc..

Would it be sustainable, could i work another job? ( id like to be a teacher ).

Thanks for your help

1chippy

well if you needed another job and milk a teacher would be the way to go. get up and do the milking go into school and lye about till the evening milk, then the whole summer off. ideal combination once you can get a local job.

Viewtodiefor

school522 wrote: »

Well, i'm only sixteen at the moment, have to decide whether to do farming or work. We have 86 acres of goodish land all connecting to each other, however its a long but narrow piece of land. Dad put alot of money into draining etc in the past. I would have to make paddocks, roadways, fencing and reeseed. Then id have to build a whole new milking parlour etc.. ( we currently have 40 cattle the shed is new ). lets say i'll have 70 cows, how much would i earn a year? ( including reps, sfp) and after tax! what would be the cost of setiing up new farm ( if i was doing it i'd buy a good parlour etc..

Would it be sustainable, could i work another job? ( id like to be a teacher ).

Thanks for your help

Definitely possible,
If I was your age again I would concentrate completely on getting qualified as a teacher first, use you holidays to maybe do some work around the farm one job at a time, say half a roadway. Some fencing, reseeding etc, theses all will benigit u regardless of dairying, plan out your parlour building, but wait until you know where u r working settled after college, a lot can change in a few years.

mf240

milk the cows twice a day, then milk the state inbetween.

mf240

It will cost a lot to get up and running but if you were really clever you could teach for a few years while offsetting the cost of setting it up against your teaching job taxes. Then when its up and running go at it full time.

Muckit

Now you're talkin'. Many people think teaching is a grand number alongside farming part time. But once your in the middle of a term you can't be taking days off for this and that. cows aren't going to be calving during the summer months off!!

jersey101

Muckit wrote: »

Now you're talkin'. Many people think teaching is a grand number alongside farming part time. But once your in the middle of a term you can't be taking days off for this and that. cows aren't going to be calving during the summer months off!!

have all jerseys. Never have to look at em they'll spit them out :P

Timmaay

school522 wrote: »

lets say i'll have 70 cows, how much would i earn year? ( including reps, sfp) and after tax! what would be the cost of setiing up new farm if i was doing it i'd buy a good parlour etc..

70 cows at say 5klitres each, and 10c/l profit would be say 35grand per yr proft, reps would be zero, sfp, assuming your dad has one, at a rough guess 10grand on 90acres, so we are talking about 45grand, but a bad year (low milk price, poor growth), that could be say 10, whereas an exceptional year could be 60grand.

In terms of setup, more rough figures, but say 50grand for the parlour/tank etc (very good thread here afew wks ago, search for it), 70cows would be about 80/90 grand, then I'd factor in another 50grand for all the paddock infrastructure, and any building/yard conversations. This is assuming you have some sort of sheds and slurry storage now?

All that adds up to 200k,which is a big amount of capital for anyone to bring into a business, you don't need to start milking 70 cows on day1 (probably a bad idea to be honest), but no real point bothering with any less than say 40 cows, seeing as they all have to be milked twice a day every day.

And talking about that final point, before you go toying with the whole idea too much, go get a summer job milking cows, and it will give some idea if being tied down and stuck in a parlour twice a day every day suits you or not.

school522

Muckit wrote: »

Now you're talkin'. Many people think teaching is a grand number alongside farming part time. But once your in the middle of a term you can't be taking days off for this and that. cows aren't going to be calving during the summer months off!!

ye.. what i think i would do, is just buy in good calfs, i dont think id have the time to do calving, would you be able to do that for cheap enough?

school522

Timmaay wrote: »

70 cows at say 5klitres each, and 10c/l profit would be say 35grand per yr proft, reps would be zero, sfp, assuming your dad has one, at a rough guess 10grand on 90acres, so we are talking about 45grand, but a bad year (low milk price, poor growth), that could be say 10, whereas an exceptional year could be 60grand.

In terms of setup, more rough figures, but say 50grand for the parlour/tank etc (very good thread here afew wks ago, search for it), 70cows would be about 80/90 grand, then I'd factor in another 50grand for all the paddock infrastructure, and any building/yard conversations. This is assuming you have some sort of sheds and slurry storage now?

All that adds up to 200k,which is a big amount of capital for anyone to bring into a business, you don't need to start milking 70 cows on day1 (probably a bad idea to be honest), but no real point bothering with any less than say 40 cows, seeing as they all have to be milked twice a day every day.

And talking about that final point, before you go toying with the whole idea too much, go get a summer job milking cows, and it will give some idea if being tied down and stuck in a parlour twice a day every day suits you or not.

well, id buy in calfs cheap and rare'em myself for a year, i taught milk prices would average between 20c and 30c a litre. i dont know i dont follow dairy too much. thanks for the help

school522

mf240 wrote: »

milk the cows twice a day, then milk the state inbetween.

hahah spot on!!

kboc

on a side issue, but i feel strongly about this,

I also am from a farming family, and took to step of buying land on my own to farm.I am also a teacher.

I simply have not the time to farm the ground, definetly not with livestock anyway, which was my dream.

The reason being is I am a teacher first, farmer second. If I am doing my teaching job right then I have fook all time to do anything else, out side of holidays, but of course cattle don't calf when I am on holidays only, etc, etc, etc.

The long winded point I am making is don't do teaching because it is handy. It is not handy and should never be handy, if you are managing the teaching and learning of any child properly there is very little free time during term time. This attitude does not help with the reputation that teachers have it handy, when the plainly don't, or at least if they are doing a good job, they should not have it handy.

Rant over.

Surely with those sort of figures in previous posts, there is a decent wage in a diary for you anyway. Good luck.

school522

kboc wrote: »

on a side issue, but i feel strongly about this,

I also am from a farming family, and took to step of buying land on my own to farm.I am also a teacher.

I simply have not the time to farm the ground, definetly not with livestock anyway, which was my dream.

The reason being is I am a teacher first, farmer second. If I am doing my teaching job right then I have fook all time to do anything else, out side of holidays, but of course cattle don't calf when I am on holidays only, etc, etc, etc.

The long winded point I am making is don't do teaching because it is handy. It is not handy and should never be handy, if you are managing the teaching and learning of any child properly there is very little free time during term time. This attitude does not help with the reputation that teachers have it handy, when the plainly don't, or at least if they are doing a good job, they should not have it handy.

Rant over.

Surely with those sort of figures in previous posts, there is a decent wage in a diary for you anyway. Good luck.

i know what you mean! teachers get a lot of undeserved criticism, my sister is a teacher, i know the working hours etc... but i think i would like to be a teacher! are you doing any farming at the moment? i could always do beef ( ireland has a good reputation abroad for its beef, hopefully prices will rise) thats what my dad has been doing, you wont need as much time with beef. Thanks for the help!

Timmaay

school522 wrote: »

well, id buy in calfs cheap and rare'em myself for a year, i taught milk prices would average between 20c and 30c a litre. i dont know i dont follow dairy too much. thanks for the help

Calves will cost 250 or so each, and will need to be fed for two yrs before they pay you back with one drop of milk, so you can't really avoid the fact that every milking cow will cost something between 1000 and 1500 before they start paying for themselves.

Sam Kade

school522 wrote: »

ye.. what i think i would do, is just buy in good calfs, i dont think id have the time to do calving, would you be able to do that for cheap enough?

Are you saying you would go dairy farming without calving

Mulumpy

Going on what other lads are saying. I would get your education first. I think it would be too difficult to juggle teaching with cows. Both need a lot of dedicaton so id be having good hard think about what you'd enjoy more. Best of luck to you. Would love to be 16 again with so many choices.

school522

kboc wrote: »

on a side issue, but i feel strongly about this,

I also am from a farming family, and took to step of buying land on my own to farm.I am also a teacher.

I simply have not the time to farm the ground, definetly not with livestock anyway, which was my dream.

The reason being is I am a teacher first, farmer second. If I am doing my teaching job right then I have fook all time to do anything else, out side of holidays, but of course cattle don't calf when I am on holidays only, etc, etc, etc.

The long winded point I am making is don't do teaching because it is handy. It is not handy and should never be handy, if you are managing the teaching and learning of any child properly there is very little free time during term time. This attitude does not help with the reputation that teachers have it handy, when the plainly don't, or at least if they are doing a good job, they should not have it handy.

Rant over.

Surely with those sort of figures in previous posts, there is a decent wage in a diary for you anyway. Good luck.

Sam Kade wrote: »

Are you saying you would go dairy farming without calving

could you ?

flat out !!

school522 wrote: »

could you ?

Eh... NO

Mulumpy

flat out !! wrote: »

Eh... NO

Technically yes if you were to lease cows from a farmer for the lactation period

delaval

flat out !! wrote: »

Eh... NO

Eh. Yes

Of course you could, the term is a 'flying herd' very common in the UK.

You buy only calved cows run a bull and sell in calf when dry. Really suits all year round production. For years that's how liquid guys did it around here.

As was said already you could lease a herd for the season in fact when you're ready I could sort you out.

school522

delaval wrote: »

Eh. Yes

Of course you could, the term is a 'flying herd' very common in the UK.

You buy only calved cows run a bull and sell in calf when dry. Really suits all year round production. For years that's how liquid guys did it around here.

As was said already you could lease a herd for the season in fact when you're ready I could sort you out.

i was doing some reading up about the 'flying herd', thats what i was thinking anyway, would save alot of time effort, youd nearly make up on the profit as well, because your milking year round, but, if land bordering my land came up for sale/ rent/ lease i would expand the herd and come fulltime, at that stage i would then have the time to be calving. but i'd prefer to be there calving, you cant really do that when your a teacher, there is always the possibility of swapping silage for calfs, thats what my uncle does, id have to see when the time comes, any other opinions on this ??

Damo810

Timmaay wrote: »

70 cows at say 5klitres each, and 10c/l profit would be say 35grand per yr proft, reps would be zero, sfp, assuming your dad has one, at a rough guess 10grand on 90acres, so we are talking about 45grand, but a bad year (low milk price, poor growth), that could be say 10, whereas an exceptional year could be 60grand.

In terms of setup, more rough figures, but say 50grand for the parlour/tank etc (very good thread here afew wks ago, search for it), 70cows would be about 80/90 grand, then I'd factor in another 50grand for all the paddock infrastructure, and any building/yard conversations. This is assuming you have some sort of sheds and slurry storage now?

All that adds up to 200k,which is a big amount of capital for anyone to bring into a business, you don't need to start milking 70 cows on day1 (probably a bad idea to be honest), but no real point bothering with any less than say 40 cows, seeing as they all have to be milked twice a day every day.

And talking about that final point, before you go toying with the whole idea too much, go get a summer job milking cows, and it will give some idea if being tied down and stuck in a parlour twice a day every day suits you or not.

Off topic, but will the 10c a litre profit hold once the quota goes? Everyones pumping themselves up to milk more than what they are now, plenty of new lads getting into the game too.

200K to invest would be close to 15K a year on repayments wouldn't it? Not to mention he'll need something of his own to invest too.

Interesting topic though, it's something I've considered doing myself (I'm 17) as theres going to be a fair bit of land for sale around here in the next 20 years. I'm just a little concerned with dairy farmers all too often criticizing milk prices, and now so many more jumping onto the bandwagon that we'll see far less of a profit per cow.

school522

Damo810 wrote: »

Off topic, but will the 10c a litre profit hold once the quota goes? Everyones pumping themselves up to milk more than what they are now, plenty of new lads getting into the game too.

200K to invest would be close to 15K a year on repayments wouldn't it? Not to mention he'll need something of his own to invest too.

Interesting topic though, it's something I've considered doing myself (I'm 17) as theres going to be a fair bit of land for sale around here in the next 20 years. I'm just a little concerned with dairy farmers all too often criticizing milk prices, and now so many more jumping onto the bandwagon that we'll see far less of a profit per cow.

are you on the same boat as me? i would plan on working somewhere abroad first, id like to do a bit of travelling while earning some money, wont be able to do that when your farming haha, are your parent any bit of farming?

Sam Kade

delaval wrote: »

Eh. Yes

Of course you could, the term is a 'flying herd' very common in the UK.

You buy only calved cows run a bull and sell in calf when dry. Really suits all year round production. For years that's how liquid guys did it around here.

As was said already you could lease a herd for the season in fact when you're ready I could sort you out.

But a flying herd is where all the calves are sold and replacements bought in, the main herd still have to be calved down.

Timmaay

Damo810 wrote: »

Off topic, but will the 10c a litre profit hold once the quota goes? Everyones pumping themselves up to milk more than what they are now, plenty of new lads getting into the game too.

200K to invest would be close to 15K a year on repayments wouldn't it? Not to mention he'll need something of his own to invest too.

Interesting topic though, it's something I've considered doing myself (I'm 17) as theres going to be a fair bit of land for sale around here in the next 20 years. I'm just a little concerned with dairy farmers all too often criticizing milk es, and now so many more jumping onto the bandwagon that we'll see far less of a profit per cow.

If Ireland does allow relatively low cost milk production from grass based milk, then yes, the 10cent a litre profit should remain, intensive grain based milk supplies from the likes of the USA etc are the big hitters in the world supply of milk, if the demand say forced a drop in milk price to below roughly 35c/l they will start culling cows as its not worth their while milking them, so in this case, if we can keep our costs under 25c/l we will still make the 10c/l. Where our costs can and do rocket are in years like this, where grass growth is poor, delaval quoted in a different thread today that he expected his feed costs to increase by 6/7cent so far this year. We just have to assume that its been quite an exceptional last 12 months and hope it doesn't happen too soon again!


But yeh, 200k is alot of money no matter what way you look at it, banks don't seem very willing to lend unfortunately, so you will need to be bringing a decent bit of cash to the table before you can get going. For either of yas, being teenagers still, go get an education, travel the world, then come back to farming in 10yrs etc with afew quid. If yous have a farm sitting there meanwhile with parents who want to retire, ya will find plenty of volunteers who'd love the chance to farm it for the next 10yrs.

school522

Timmaay wrote: »

If Ireland does allow relatively low cost milk production from grass based milk, then yes, the 10cent a litre profit should remain, intensive grain based milk supplies from the likes of the USA etc are the big hitters in the world supply of milk, if the demand say forced a drop in milk price to below roughly 35c/l they will start culling cows as its not worth their while milking them, so in this case, if we can keep our costs under 25c/l we will still make the 10c/l. Where our costs can and do rocket are in years like this, where grass growth is poor, delaval quoted in a different thread today that he expected his feed costs to increase by 6/7cent so far this year. We just have to assume that its been quite an exceptional last 12 months and hope it doesn't happen too soon again!


But yeh, 200k is alot of money no matter what way you look at it, banks don't seem very willing to lend unfortunately, so you will need to be bringing a decent bit of cash to the table before you can get going. For either of yas, being teenagers still, go get an education, travel the world, then come back to farming in 10yrs etc with afew quid. If yous have a farm sitting there meanwhile with parents who want to retire, ya will find plenty of volunteers who'd love the chance to farm it for the next 10yrs.

ye its hard to know, is beef/suckling the way to go defintley a cheaper set up and i do think that ireland has a very strong beef future, but my aunty is a person who gives loans in the bank, she says that farmers get a loan no problem!

Sam Kade

school522 wrote: »

ye its hard to know, is beef/suckling the way to go defintley a cheaper set up and i do think that ireland has a very strong beef future, but my aunty is a person who gives loans in the bank, she says that farmers get a loan no problem!

That's because the bank know if they don't pay it back the stock will be sold.

jersey101

school522 wrote: »

i would plan on working somewhere abroad first, id like to do a bit of travelling while earning some money, wont be able to do that when your farming haha,

Id recommend go to new zealand. I had the option last summer with college to go on placement but i couldn't go due to having to many responsibilitys at home. Friends from college that went said it was the best experience they ever had. Its tough bit you would learn alot.But as one of the lads say try get experience on a dairy farm. You mighy love it and you might not only way to know.

school522

Sam Kade wrote: »

That's because the bank know if they don't pay it back the stock will be sold.

well yes! but play your cars right you wont have to:pac:

school522

jersey101 wrote: »

Id recommend go to new zealand. I had the option last summer with college to go on placement but i couldn't go due to having to many responsibilitys at home. Friends from college that went said it was the best experience they ever had. Its tough bit you would learn alot.But as one of the lads say try get experience on a dairy farm. You mighy love it and you might not only way to know.

ye i'd love to but i'd be only visiting because i'd be trying to get in teaching experience, but perhaps a year out there wouldnt do any harm!!i worked on my uncles dairy farm, but i only ever milked and drove the quad, what are you doing in college ?

jersey101

school522 wrote: »

ye i'd love to but i'd be only visiting because i'd be trying to get in teaching experience, but perhaps a year out there wouldnt do any harm!!i worked on my uncles dairy farm, but i only ever milked and drove the quad, what are you doing in college ?

im finished up now, fully qualified got the results last week:D .i did an ag course in first year and then did a dairy herd management course for second year in kildalton. Very good course went to farms every wednesday

Damo810

Timmaay wrote: »

If Ireland does allow relatively low cost milk production from grass based milk, then yes, the 10cent a litre profit should remain, intensive grain based milk supplies from the likes of the USA etc are the big hitters in the world supply of milk, if the demand say forced a drop in milk price to below roughly 35c/l they will start culling cows as its not worth their while milking them, so in this case, if we can keep our costs under 25c/l we will still make the 10c/l. Where our costs can and do rocket are in years like this, where grass growth is poor, delaval quoted in a different thread today that he expected his feed costs to increase by 6/7cent so far this year. We just have to assume that its been quite an exceptional last 12 months and hope it doesn't happen too soon again!

So even if theres an oversupply of milk here, we'll always be determined by the world market? But whats to stop Glanbia and co putting on the squeeze dropping it below 35c?

school522 wrote: »

are you on the same boat as me? i would plan on working somewhere abroad first, id like to do a bit of travelling while earning some money, wont be able to do that when your farming haha, are your parent any bit of farming?

Something similar, going to Oz or a few other places tempted me, but in all honesty, once I come back I'd have few job prospects, and none with a decent wage at the end of the week. Plan is to go to collage, get my degree in Ag and get working here. After that start looking to get things going farming wise.

school522 wrote: »

ye its hard to know, is beef/suckling the way to go defintley a cheaper set up and i do think that ireland has a very strong beef future, but my aunty is a person who gives loans in the bank, she says that farmers get a loan no problem!

Tis grand having an Aunty Mary in the bank saying that, but you have to have your own cash in be able to invest, have a decent backing and a clear ability to pay back what you borrow. Things can go tits up pretty quickly when you have loans up on 200K or more if you plan to expand your landbase. The bank won't just give you 200K for nothing, so once you get working try putting a bit away..

school522

jersey101 wrote: »

im finished up now, fully qualified got the results last week:D .i did an ag course in first year and then did a dairy herd management course for second year in kildalton. Very good course went to farms every wednesday

ye hear that course is supposed to be very good, did u come from a dairy background and if so did u learn a lot of new things on the course?

school522

Damo810 wrote: »

So even if theres an oversupply of milk here, we'll always be determined by the world market? But whats to stop Glanbia and co putting on the squeeze dropping it below 35c?



Something similar, going to Oz or a few other places tempted me, but in all honesty, once I come back I'd have few job prospects, and none with a decent wage at the end of the week. Plan is to go to collage, get my degree in Ag and get working here. After that start looking to get things going farming wise.



Tis grand having an Aunty Mary in the bank saying that, but you have to have your own cash in be able to invest, have a decent backing and a clear ability to pay back what you borrow. Things can go tits up pretty quickly when you have loans up on 200K or more if you plan to expand your landbase. The bank won't just give you 200K for nothing, so once you get working try putting a bit away..

what are you going to farm? i hear that ireland produces enough milk for 36 million people, and if that expands it could be upwards of 45 million, thats worrying but i say ireland do have good ties with the uk and beyond. i know what your saying about owing 200k, thats why i'd work abroad and bring some money home to set up partially, i would also try do teaching for a few years to pay back loan on parlour etc

flat out !!

delaval wrote: »

Eh. Yes

Of course you could, the term is a 'flying herd' very common in the UK.

You buy only calved cows run a bull and sell in calf when dry. Really suits all year round production. For years that's how liquid guys did it around here.

As was said already you could lease a herd for the season in fact when you're ready I could sort you out.

Honestly, that's a crazy suggestion, contract rearing heifers can work perfectly well, but buying and selling complete herd each yr.? No way.

delaval

flat out !! wrote: »

Honestly, that's a crazy suggestion, contract rearing heifers can work perfectly well, but buying and selling complete herd each yr.? No way.

I agree but it can be done and is being done. It isn't something I would recommend.
I know a very successful farmer in Bath doing it

whelan1

school522 wrote: »

ye its hard to know, is beef/suckling the way to go defintley a cheaper set up and i do think that ireland has a very strong beef future, but my aunty is a person who gives loans in the bank, she says that farmers get a loan no problem!

she mustnt work in my bank

jersey101

school522 wrote: »

ye hear that course is supposed to be very good, did u come from a dairy background and if so did u learn a lot of new things on the course?

ye we milking cows here. Ye i learned an awful lot mostly about managing money and how to do profit monitors, about diseases,about breeding,how to use icbf,about herd expamsion and visiting farms every wednesdsy was very good because you could ask questions. Only thing is that we didnt learn about winter milk.

delaval

jersey101 wrote: »

ye we milking cows here. Ye i learned an awful lot mostly about managing money and how to do profit monitors, about diseases,about breeding,how to use icbf,about herd expamsion and visiting farms every wednesdsy was very good because you could ask questions. Only thing is that we didnt learn about winter milk.

Unless you have a winter contract, which can't be got, or you have a liquid contract don't even think about it.
It is low margin.

bob charles

buy freshly calved cows in Feb, sell at the backend of the year is an attractive proposition for such a life style with off farm job. Know a guy that does this year on year. No feed to be made and get 100% use from grazed grass. most probably think its madness but it can be done

jersey101

delaval wrote: »

Unless you have a winter contract, which can't be got, or you have a liquid contract don't even think about it.
It is low margin.

there is a winter contract here.

Sam Kade

bob charles wrote: »

buy freshly calved cows in Feb, sell at the backend of the year is an attractive proposition for such a life style with off farm job. Know a guy that does this year on year. No feed to be made and get 100% use from grazed grass. most probably think its madness but it can be done

But when you want to sell in the back end who will buy them? Most farmers will buy them in spring instead of buying cows to feed during the winter also if they were sold prices would be lower.

Going forward...

bob charles wrote: »

buy freshly calved cows in Feb, sell at the backend of the year is an attractive proposition for such a life style with off farm job. Know a guy that does this year on year. No feed to be made and get 100% use from grazed grass. most probably think its madness but it can be done

As someone who buys thousands of cattle each year, you know how much trouble he will be bringing on himself with disease, etc. Imagine that in a dairy situation.

Timmaay

Going forward... wrote: »

As someone who buys thousands of cattle each year, you know how much trouble he will be bringing on himself with disease etc. Imagine that in a dairy situation.

In fairness I can certainly see the merit in it, and maybe without quotas we will see a lot more of these flying. From a disease point of view, its alot different to say a lad with a disease free herd who buys in one or two cows that infect his whole herd who have zero immunity to whatever. You're flogging off the herd at the end of the year so it doesn't matter as much. The main reason I'd avoid the likes of this yet in Ireland is that flogging off the herd could be very challenging, I'd assume we'd need some sort of specialist dairycow contract "wintering", similar to say contract rearing, the person buys that herd, houses and feeds them for the winter, then sells them on at a profit.

F.D

you may have no choice re winter milk and cheap grazed grass will mean nothing if the only way you can get a contract to supply milk to creamery is to supply year round so they can have there production over 12 months
Fair enough for the people who have quota already they might have more influence over this
but new entrants post 2015 i can see that been a requirment to supply
or they will definatly force the situation via milk price
so to the OP do you want to milk all year round?

bbam

whelan1 wrote: »

she mustnt work in my bank

In fairness.. I've a sister working in AIB in Co Meath, she was dealing with farmers until revently... They were instructed to lend to farmers big time, she said huge sums were given out to lads going into dairy, on the lightest of business plans... As long as they were throwing in the deeds of a chunk of land the lending manager was happy to splash the cash..

whelan1

bbam wrote: »

In fairness.. I've a sister working in AIB in Co Meath, she was dealing with farmers until revently... They were instructed to lend to farmers big time, she said huge sums were given out to lads going into dairy, on the lightest of business plans... As long as they were throwing in the deeds of a chunk of land the lending manager was happy to splash the cash..

to get 10k, i had to produce profit monitor, cash flow planner and yearly accounts, also sign numerous forms and took 3 months to get the money from the day i went looking for it- i am with ulster bank

F.D

whelan1 wrote: »

to get 10k, i had to produce profit monitor, cash flow planner and yearly accounts, also sign numerous forms and took 3 months to get the money from the day i went looking for it- i am with ulster bank

I am with ulsterbank and they have to be the worst going, loads of hassle with drawing down the money on a loan we took out, had to show accounts and got approved OK due to the off farm job but drawing down the money was a pain in the arse, reciepts required for every bit of work done to prove money was required taking ages for it to go through there system, loosing paperwork sent in etc
talking to other farmers BOI/AIB seem to be better in that regard

whelan1

F.D wrote: »

I am with ulsterbank and they have to be the worst going, loads of hassle with drawing down the money on a loan we took out, had to show accounts and got approved OK due to the off farm job but drawing down the money was a pain in the arse, reciepts required for every bit of work done to prove money was required taking ages for it to go through there system, loosing paperwork sent in etc
talking to other farmers BOI/AIB seem to be better in that regard

i got a much bigger loan last year and there was no problem

bbam

whelan1 wrote: »

to get 10k, i had to produce profit monitor, cash flow planner and yearly accounts, also sign numerous forms and took 3 months to get the money from the day i went looking for it- i am with ulster bank

Madness isn't it...
Sister was telling me of €250K-€500K loans for new dairy entrants.. cows, parlours, infrastructure, some on very mediocre business plans... Security was the key !
I hope its a good move.... "no risk-no reward" and all that. But if someone borrowing that sort of money hasn't a good plan I'd fear its not their only weakness in thinking the whole thing through.. There was no effort to stress test the income/plans on lower milk prices, something I just couldn't beleive..

F.D

whelan1 wrote: »

i got a much bigger loan last year and there was no problem

Ours was a big loan security req'd etc, problem as i see it they are trying to close all the business branches near us and move it to bigger ones else where
every time you call now its a call centre in N.I which is serioulsy annoying, anyway thats not what this thread is about