AN AMC LOAN... NOT JuST FOR FARMING AMC were delighted to support Angus and Kate in their business and recognised the strengths in the estate through diversification. Many people think that AMC only lend for purely agricultural purposes, but a growing number of customers are seeing opportunities outwith farming and AMC sees diversification as complementary to any core farming business.
Angus Carrick-Buchanan with his dogs at home Farm Cottage, the latest addition to the Corsewall estate’s holiday letting portfolio. Below: A bedroom and the kitchen at home Farm Cottage.
the beauty of AMC loans is their lend and leave policy which allows the customer to carry on with improving revenue streams in full knowledge of the long-term support offered by AMC. Loans for up to 30 years can be taken and this can be for a mixture of requirements such as restructuring existing bank debt, providing working capital, paying out a partner share or simply improving the general fabric of the farmhouse and buildings.
the new Private residential tenancy legislation (Prt) gives tenants more rights, with the grounds for repossession by a landlord being tightened and the notice period required to be given by a tenant now shortened to 28 days. All these factors add appeal to the holiday accomodation business. nevertheless, a good tenant bringing in a steady income and taking responsibility for the council tax and utilities still makes long-term letting a secure and viable option.
and the warmer climate influenced by the Gulf Stream brings visitors to the area all year round, with many returning year after year.
the success of a holiday accommodation business very much depends on the location. the rhins of Galloway has great natural beauty,
www.corsewallestate.com 01776 853567 enquiries@corsewallestate.com
Angus and Kate anticipate that the number of holiday lettings will double in the next five to 10 years.
sheena.ramsay@galbraithgroup.com 07468 049 387
Whilst land purchase remains a major part of AMC’s business the ability to derive income from land continually becomes challenging as costs rise and lower food prices become the norm. Diversifying into tourism, as Angus has done, can really change the dynamics of an estate or farm for the better.
Robert Taylor robert.taylor@galbraithgroup.com 07585 901 847
galbraithgroup.com | Rural matters | Winter 2018/19 | Page 11
