The loan-to-value (LTV) was less than 50 per cent and was secured on the land purchased plus additional acreage with the borrower’s home farm that was unencumbered.
The purchased assets included two farmhouses, several barns and uninhabitable cottages, which the borrower intends to convert into residential use.
Some of the land will also be parcelled up into smaller lots and sold on at an attractive price to other neighbours, to reduce the loan.
More than a dozen different titles plus outstanding Section 106 commitments were attached to the land.
UK Agricultural Finance said the planning permission will be a long process and lot of effort to agree the work outstanding.
Some of this was partially completed by the previous owner, making it more complex to assess the situation.