Alchemy Business Finance review: farm machinery finance and refinance

Alchemy Business Finance is a specialist agricultural lender that funds and refinances farm machinery, vehicles and livestock for farming businesses in England, Scotland and Wales. It is known for welcoming tenant farmers and applicants with a difficult credit history that the high street banks have turned away. Smart Funding Solutions is an independent broker and is not part of Alchemy Business Finance, so we can compare it with other farm and asset finance lenders before you commit. You can read more on Alchemy Business Finance's own website.

01About Alchemy Business Finance

Alchemy Business Finance Ltd is a company registered in England. Its website says it was set up by people who have run businesses of all types and sizes for more than 30 years and who have themselves struggled to raise finance in difficult economic conditions. That background shapes its pitch: a lender that understands farming cash flow and is prepared to help when banks are unsupportive.

Finance is only available to agricultural businesses based in England, Scotland and Wales. Applications start with a phone call, and each client is given a dedicated account manager.

Alchemy Business Finance is one of the lenders on our panel for agricultural finance.

02What Alchemy Business Finance funds

Alchemy's products are built around farming and rural businesses:

Product	What it is for
Asset finance	Buying tractors, combines, machinery and commercial vehicles of any age
Asset refinancing	Releasing cash tied up in equipment and vehicles you already own, or restructuring existing equipment debt
Livestock finance	Funding the purchase of livestock
Tenant farmer finance	Funding for farmers who rent rather than own their land
Agricultural contractor finance	Machinery and working capital for contractors serving farms
Forestry finance	Equipment for forestry operations
Bridging loans	Short-term business borrowing secured on property

Alchemy quotes finance from £10,000 to £5,000,000 across its products, with terms from 3 months to 5 years. Most machinery refinance cases are at the smaller end of that range. Bridging loans need a first charge on property, at up to 65 per cent loan to value according to its FAQs.

Refinancing is a particular strength. If you own machinery outright, Alchemy can use it as security to release working capital, which can help with input costs, rent or a cash flow gap before harvest. Our page on farm refinance explains the wider options.

03Who Alchemy Business Finance suits (and who it may not)

Alchemy is likely to suit:

• Farmers and agricultural contractors in England, Scotland or Wales.
• Tenant farmers who cannot offer land as security.
• Farming businesses with adverse credit or existing debts, which Alchemy says it considers case by case.
• Businesses that own machinery and need to release cash from it quickly.

It is not an option for businesses in Northern Ireland or for non-agricultural firms. A farm with strong accounts, land as security and a clean credit record may find cheaper long-term borrowing elsewhere, including from banks that specialise in agriculture.

Alchemy quotes finance from £10,000 to £5,000,000 across its products, with terms from 3 months to 5 years.

04What Alchemy Business Finance looks at

Alchemy keeps its paperwork light. Its FAQs list:

• The last three months of business bank statements.
• A utility bill.
• Photo identification.

For asset finance and refinance, the security is the agricultural equipment or vehicles themselves. The underwriter will want to know what the kit is, its age and condition, and what it is worth. Alchemy says approval is normally given within 24 hours and funds are typically paid within the following 48 hours. Bridging loans can take from around two weeks, longer for complex cases.

05Pros and cons

Pros

• Specialist in agriculture, so it understands seasonal farm income.
• Welcomes tenant farmers and applicants with poor credit or large debts.
• Funds machinery of any age, not just new equipment.
• Short document list and fast decisions.
• Can release cash from equipment you already own.

Cons

• Only for agricultural businesses, and not available in Northern Ireland.
• Lenders that accept weaker credit usually charge more than mainstream agricultural banks.
• Terms run to a maximum of five years, which means higher repayments on large sums.
• Your equipment or property is at risk if you do not keep up repayments.

06Applying through a broker vs going direct

You can phone Alchemy directly. The reason to compare first is that farm finance comes from very different lenders: specialist agricultural banks, bank-owned asset finance houses, dealer finance and independent lenders like Alchemy. Each prices risk differently, and the right choice depends on your credit, security and how quickly you need the money.

We search the market for you, present your case to suitable lenders and manage one application. It is free to enquire; any broker fee is disclosed separately before you proceed. Use Instant Quotes to compare lenders in minutes, or read about agricultural equipment finance first.

07Alternatives to Alchemy Business Finance

• Oxbury Bank: a bank focused on British agriculture, often a better fit for established farms with a good record.
• Aldermore: finances agricultural equipment through its asset finance team, suited to larger, established businesses.
• Close Brothers: a long-standing asset finance lender with agricultural experience, useful for higher-value machinery.

If you only need cash from existing kit rather than a new purchase, our guide to asset refinance compares the approaches.