Bank of Ireland has launched a new Refinance Agri Package enabling farmers to switch existing loans from other lenders to Bank of Ireland and match their current rate (in percentage terms) and loan repayment term on the date of switching.
The underlying rate will be Bank of Ireland’s three month Bank Cost of Funds rate or Small Business Agri rate.
The refinancing offer, available for secured loans for a limited period up to November 30, 2018, is subject to a minimum margin. Bank of Ireland will cover Bank of Ireland’s legal fees and customer valuation costs.
Speaking about the package, Sean Farrell, Head of Agriculture at Bank of Ireland said: “Bank of Ireland actively refinances debt for customers and new-to-bank customers and we are always seeking to grow our business.
“Our Refinance Agri Package provides certainty to customers who can move their loan and match their current rate (in percentage terms) and loan repayment term on the date of switching.
The underlying rate will be Bank of Ireland’s three month Bank Cost of Funds rate or Small Business Agri rate.
“For any business, it’s important to feel secure in your incomings and outgoings – as far as possible. The past few months have been extremely difficult for the agri community.
Many farmers across Ireland continue to suffer from an extended period of drought and we understand the profound impact this is having on businesses and – in particular – cashflow.
“Our Refinance Agri Package demonstrates how Bank of Ireland is working with farmers and agri-businesses to provide helpful solutions, enabling them to effectively plan for the future,” he added.
“Customers will also be able to access funding for business development and future growth. Our key priority is to support our customers as they build and grow their farm business.”
Any farmer or agri-business looking for more information can talk to Bank of Ireland via their local business manager or just, click here
More information on Refinance Agri Package
What do customers get?
- Move existing borrowing to Bank of Ireland and match their current interest rate in percentage terms (subject to a minimum rate of three month Bank Cost of Funds (BCOF) + 1.00% or Small Business Agri rate (as the underlying rate) and remaining loan repayment term on the date of switching;
- Bank of Ireland will cover Bank of Ireland’s legal fees and customer valuation costs;
- Secured lending only – no minimum balance required.
Conditions:
- Loan must be drawn in full by November 30, 2018;
- All applicants must meet credit approval criteria (i.e. each individual loan will go through the normal credit approval process);
- Standard terms and conditions apply;
- Must be term lending only (i.e. overdrafts and stocking loans not applicable to this special rate);
- Same term as duration left to run on existing loan to apply (note that loans are repaid by standing order. Therefore, as interest rates rise and fall, if standing order is not amended by you, the term of the loan may be shortened (where rate falls) or lengthened (where rate rises)).
Bank of Ireland is regulated by the Central Bank of Ireland.
