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Hugh Reynolds has told the Irish Farmers Journal that he fears a vulture fund will sell his farmland without his permission.
“I had a loan out of a bank and it went bad. I tried dealing with the bank on a few occasions but they wouldn’t listen to me and they sold my loan to a vulture fund for what I’ve been told was 20% of its value,” Reynolds said.
Farmers in Ireland don’t realise that these funds are taking over good loans, as well as bad loans, and these sort of vulture fund sales could become much more common in the future
“Now the land is for sale in an online bidding auction on 28 February and I can’t register for it, and none of my family can register for it.”
The land comprises 44ac in Coole, Co Westmeath, and is currently on sale at €5,000/ac, which Reynolds says is far below the market value of the land.
“I have no problem if I owe money, but I want to be in charge of the sale of my own land,” the farmer said.
“The problem is they can drop the hammer on any sum of money because they just want to get it off their books.
“Farmers in Ireland don’t realise that these funds are taking over good loans, as well as bad loans, and these sort of vulture fund sales could become much more common in the future.”
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