ASC Success Story
£1.3m to Furnish and Stock, all in time for Christmas
Some lenders prescribe as a condition of a loan that you must do all your business banking with them. Richard Kimbell was this situation with a large commercial unit in Market Harborough and he didn’t want to be restricted to it anymore. His IFA Richard Curtis (AMAS Ltd) referred him to ASC Director, David Hall, for help.
Richard wanted to refinance with more flexible terms and release capital for his new home accessory retail business, to purchase stock and create a new showroom for the run up to Christmas. His property had a ground floor tenant paying a good annual rent so he wanted to convert the empty first floor as a showroom to compliment his other main furniture warehouse.
David soon found a few lenders on the ASC panel who showed interest. A property valuation confirmed a higher than expected figure and a loan was approved for £1.3m.
With this increased loan, Richard’s requirements were met and all at no extra monthly cost.
Stressing urgency for the deal to complete, David worked closely with the lender and ensured early instruction of solicitors. Draw down came just 2 weeks after the offer and the new outlet opened in mid-November in good time for the Christmas and New Year sales period.
“Being a left handed dyslectic with very lateral tendencies, I found having David to translate my ideas and figures into a form that bankers could easily understand a tremendous asset. Coupled with his knowledge of the best people for my proposition, I had the luxury of 3 offers to choose from in a remarkably short time. Thank you David.”
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