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Going to the bank looking for stock loan!!

  • 25-07-2014 1:50pm
    #1
    exercise is the antidote
    Closed Accounts Posts: 346 ✭✭


    Have a meeting on Monday with the bank for a stock loan. Any ideas/tips on how to deal with them?
    What % interest do they look for?


Comments

  • #2
    Muckit
    Registered Users, Registered Users 2 Posts: 11,174 ✭✭✭✭Muckit


    What kind of stock are you getting the loan for? How long will you have the stock for and will the potential returns you make on them cover the repayment costs of the loan?

    I'm sorry never got a stocking loan before but these are the things l'd be asking myself if I was.


  • #3
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭restive


    I got 6.74% with Bank of Ireland recently. They will ask the value of your existing stock. Also if you are receiving single farm payment and disadvantaged area payments. If you are paying them directly into the bank it will make things easier.


  • #4
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    probably look for 2 years accoounts
    Tcc
    projections
    and clear ICB report


  • #5
    Sam Kade
    Registered Users, Registered Users 2 Posts: 12,313 ✭✭✭✭Sam Kade


    I got a loan off AIB earlier in the year for dairy stock. What they look for in that situation is 2 years accounts, 5 year plan because I,m only starting milking, value of existing stock and machinery and tax clearance cert. I had to send all that to Naas my local aib had nothing to do with it. They took their time to come back with a result I think it took almost 3 months in total. Last year I got a stocking loan for less than 12 months it was a credit line account I was able to do it through my local branch and I had the money within a week.


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