Allied Farmers’ assets acquired from Hanover and United Finance last year are now worth less than a third of the purchase price -  and more revisions could be on the cards, according to the company.

The assets - worth $396 million when the company bought them in December - were revalued at just over $175million in March, and now the company says that with bad loans and falling property values they are worth just $124 million.

Managing director Rob Alloway says the company has revalued between 60% and 70% of its loan book.