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Lloyds Bank, Co-op Bank the financial regulator and you

Published 30/05/2013 10:19:00

A long established painting and decorating business with a turnover in excess of £2m and owning a substantial property portfolio, valued in excess of £11m applied to their bank for an additional £1m.

The investment would enable them to purchase a further investment property but despite their gold plated credit history of over 30 years their bank turned down their application. Luckily the client was introduced to ASC Director Mike Gibson who instantly set about looking at various options including applying to specialist commercial lenders.

After analysing the various offers Mike was able to arrange £1m for the client who later acknowledged that he could not understand the attitude of his own bank given his loyalty and impeccable record over the years. The client has now moved all their business banking to the new bank that provided the loan.

Delighted that ASC were able to arrange the deal said “I had almost given up hope with my existing Bank until Mike Gibson of ASC was able to present other banking alternatives. We are a long established family business in which my two sons are also involved and the availability of credit is an essential lifeline for us to expand our business”. If you have experienced similar difficulties with your bank then speak to us.

After 40 years in the business we have built up an extensive and trusted panel of lenders that would queue up to loan on a project like this.

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