ASC Recent Client Results
Long term banking partner is required to fund a £1.4M specialist architectural glazing Company
The Directors of Portman Architectural Glazing Ltd , a specialist architectural glazing Company, were being frustrated with their expansion plans when their existing Bank declined to assist with increased borrowing facilities of £1.4 million for the development of a commercial property already owned by the Company.
The Company was introduced to their local ASC Director, Steve Bealing from the Surrey office based in Weybridge. Steve used his experience to assess the deal which essentially required funding to develop 8 apartments and refurbish the existing ground floor commercial units. The Directors then wished to retain the whole property as a long term investment which would be underpinned by the profitable trading performance of the Company.
Steve took the view that the Company needed a new long term banking partner rather than just short term development funding and he approached the ASC panel of lenders on this basis.
Steve remained persistent after several declined applications and a lender was found who was prepared to refinance the existing borrowing, fund the development and in addition provide on-going working capital for the Company.Work has now commenced on the development and funds are being drawn in stage payments as required. The Company has now transferred all of its banking requirements to the new lender and both are looking forward to a long and successful business relationship.
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