ASC Success Story
The Enterprise Finance Guarantee scheme provides Chiropractic Clinic success
It was during May 2010 that Neil De-Souza, an IFA from Sleaford in Lincolnshire called Paul Arnold our longstanding Area Director to explain he had two professional young ladies who had the opportunity of purchasing the Lincoln Chirohealth Clinic from where they practiced.
Whilst Paul considered the two ladies concerned, Lisa Crisp and Amy Houghton had the credentials for a loan they had little equity in their houses and the clinic in question was being offered on a 9 year lease and therefore offered no security value to lending sources.
They however had the support of parents and Paul felt it best to set up a meeting with all parties concerned to thrash out the best way of proceeding.
At the meeting it was clear each set of parents was happy to gift a 10% deposit of £14,000 to each of their daughters but were less enthusiastic about involving the substantial equity in their homes.
Paul explained that the only way of trying for the balance of £112,000 was to utilise the Enterprise Finance Guarantee scheme although a ratio of 80% funding was in excess of the normal requirements of typically 60% to 70% but he felt the financial and professional aspects were sufficiently strong to apply for the full amount.
The end result was indeed as Paul had suggested with a £112,000 Business Loan Offer under the Enterprise Finance Guarantee received by mid July to enable a very happy Lisa and Amy to go forward and make their purchase and be in control of their own destiny.
Whilst the legal process was somewhat protracted the purchase was completed in mid November and Lisa & Amy tell us everything is going fine and are pictured with Paul inside of their clinic.
Paul has been assured he need never suffer from a bad back again!
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