Small bank loan

Riverireland

I've come across a small livery yard that is available to rent. I'm considering it as I have a couple of horses and could let out the remainder of the stables so it would pay for itself. Thing is it needs some work done as it hasn't been used in a couple of years. Heard an add on the Radio for a company called micro finance Ireland regarding farming loans. Thinking of dropping into them at the ploughing next week for a chat. Has anyone dealt with them in the past as I didn't think I could get a business loan for something like this. Thanks.

Feckthis

Riverireland wrote: »

I've come across a small livery yard that is available to rent. I'm considering it as I have a couple of horses and could let out the remainder of the stables so it would pay for itself. Thing is it needs some work done as it hasn't been used in a couple of years. Heard an add on the Radio for a company called micro finance Ireland regarding farming loans. Thinking of dropping into them at the ploughing next week for a chat. Has anyone dealt with them in the past as I didn't think I could get a business loan for something like this. Thanks.

What's their stand number?

Mad4simmental

Riverireland wrote: »

I've come across a small livery yard that is available to rent. I'm considering it as I have a couple of horses and could let out the remainder of the stables so it would pay for itself. Thing is it needs some work done as it hasn't been used in a couple of years. Heard an add on the Radio for a company called micro finance Ireland regarding farming loans. Thinking of dropping into them at the ploughing next week for a chat. Has anyone dealt with them in the past as I didn't think I could get a business loan for something like this. Thanks.

These company's are everywhere, be carefull of the intrest rate, most of these lads charge an astronomical % of intrest.

Timmaay

Mad4simmental wrote: »

These company's are everywhere, be carefull of the intrest rate, most of these lads charge an astronomical % of intrest.

Agreed, go to your bank 1stly, and even if they string you along and refuse to give you a yes or no, they can surely tell you typical interest rates for theirown loans.

bogman_bass

Don't forget about your local credit union

Feckthis

bogman_bass wrote: »

Don't forget about your local credit union

Ah best out of the lot of them. Don't do business loans though.

bogman_bass

Do farm loans at least mine does

whelan2

bogman_bass wrote: »

Don't forget about your local credit union

what rate is your local credit union for loans?

td5man

bogman_bass wrote: »

Do farm loans at least mine does

Thought that you needed to have nearly as much in shares as you are borrowing.

bogman_bass

think its you can loan 5 times your shares

Timmaay

bogman_bass wrote: »

think its you can loan 5 times your shares

Thought it was 3times your shares? Maybe it changes between different CUs? In any case I remember them offering silly interest rates along the lines of 12% when a bank would give 6/8% for a similar loan.

Riverireland

Thanks for the replies. Credit union not an option due to interest rates. Don't know what the stand number is but heard the add again this evening on 4fm. Government body apparently. Must find out the stand number as there are so many at the ploughing.

Bodacious

whelan2 wrote: »

what rate is your local credit union for loans?

mine is 10.5% but its actually more when you consider they are gaining interest also on the shares they holding for you on deposit


first loan = 3 x your shares,
2nd loan = 4 x your shares

whelan2

10% here on normal loan, you can get 5 times the amount in your shares. They also have a 5.99% secured loan where you can borrow the same amount that is in your shares-thats a bit of a cod as you only get 1% interest on your deposit but pay 5.9 interest on your loan.

whelan2

http://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&sqi=2&ved=0CC8QFjAA&url=http%3A%2F%2Fmicrofinanceireland.ie%2F&ei=360fVMeyC8Hd7QbdzoHQCw&usg=AFQjCNF7cIFbzbGD4Rs2jhvP3fTRNF_Trw&sig2=t8XXueP-lD7AozHsBmGmpg

whelan2

op just wondering did you call into micro finance at the ploughing?