ASC Success Story
Can’t count on the bank? Count on ASC!
ASC Finance for Business were approached by the partners of a small building firm, whose bank were calling in a development loan which was secured against a block of flats that they had built a few years ago.
The flats were finished to coincide with the downturn in the market in 2008 and it had become difficult for the firm to sell them at the right price, so the partners decided to try and keep the flats, and sell them when the market recovered.
Initially their bank agreed to maintain the loan, reviewing on a quarterly basis, whilst the clients rented the flats out. Over time, they were forced to sell five of the flats as the bank wanted the debt reduced. But they had still managed to retain and let out the remaining four flats.
However, the bank was now calling the loan in, and the clients wanted to keep them as they saw the market improving.
So they spoke to David Tyler, of ASC Hampshire and Dorset, who managed to arrange a 10 year interest only loan, which enabled them to retain the rental income from the property and hopefully see the flats rise in value to achieve the kind of returns they were initially hoping for. In addition, ASC were able to raise extra funds so that they could look for new sites and opportunities now that the market is strengthening.
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