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Pension fund used to buy school premises

Pension fund used to buy school premises

Concorde International Ltd is a well established English Language School in Canterbury, offering courses to overseas students from Europe, the Middle and Far East, China and Japan. In January 2008 owner Colin Stone discovered that the property they leased within the city walls was likely to go up for sale. A listed building, the property was owned by a family trust and needed considerable renovation. Colin met with David Milham at ASC Finance for Business’ in Faversham to discuss his finance options to buy the property. Sales negotiations with the vendor’s agent were protracted because they believed a higher price could be achieved with change of use and in the autumn with no deal confirmed, Colin checked that funding would still be available as the credit crunch was starting to bite.

At the end of January 2009 his offer was finally accepted and he asked David to raise the funds. Colin had built up a significant pension plan and the SASS trustees also agreed to support the purchase. HMRC rules permit borrowing of up to 50% of a pension fund value to finance the purchase of commercial premises. In spite of the constraints in the commercial funding market, David obtained acceptance from three potential lenders. Negotiations were concluded with one of the few building societies still offering commercial mortgages. Terms were agreed at Bank Base + 2.75% (minimum pay rate 3.75%) and the facility was released in two parts: one for the purchase, and the balance of £50,000 for the renovation works.

Colin said ”We were extremely happy with the service provided by David and ASC, who guided us through the arrangements with care and patience.”

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You already know that arranging business finance can be a tricky experience.

We appreciate that your time is precious. With our extensive knowledge of business finance available in today’s SME market we can approach the lending institutions that are right for your business finance needs. You will be saved from the frustration of endless form filling, repeated conversations with numerous lenders, and save you from having to provide each different lender stacks and stacks of information.

Our job is to remove the ever increasing number of hurdles that are put in your path, by arranging business finance or commercial finance for you in a time-saving and more efficient manner.

ASC have been established for over forty years and we have experienced more recessions and ups and downs in the economy then we care to remember. Due to our clear focus on independent businesses and entrepreneurs we have developed a track record which is envied by our competitors. You will deal directly with an experienced Director who has a strong commercial background and real experience enabling him or her to find the business finance which is just right for your business.

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