ASC Success Story
ASC Finance for Business – The experience to overcome the obstacles
Emma Rathbone and Martyn Williams were looking to buy and run a guest-house as a business outside of their existing income. Emma says: “I was working as an accountant but was not enjoying my job very much. Martyn and I had discussed moving to the countryside before, and decided that by purchasing a guest house we could combine an outside living with the lifestyle that we both wanted.”
They found their ideal property, negotiated a purchase price and completed the sale of their home. All that was left was arranging the finance. Fortunately, they were referred to Iain Blair at ASC Finance for Business in West Yorkshire.
Although the guesthouse they were looking at ticked all the boxes – a brilliant location, lovely grounds and a lovely building – it presented several challenges with regards to arranging finance. In particular, due to being closed for refurbishment and the previous owner’s personal circumstances, there were no accounts for the business since 2011, and these showed a very small turnover, and a net loss.
Fortunately, Iain was able to draw on ASC’s many years of experience in this area. By using our special relationship with a lender we were able to successfully convince them to provide finance based upon the clients outside income, and despite their lack of any previous experience in this sector. The loan of over £400,000 completed only two months after their first meeting, so Emma and Martyn were able to focus on what was important to them, starting and growing their business.
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