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Property development going strong

Property development going strong

Elliott Fountain and Philip Lovelace both owned a portfolio of buy to let properties and joined forces in 2007 to take on larger scale projects. IFA Simon Elkington helped them build up their portfolio and  introduced them to Paul Arnold, ASC Regional Director for Lincolnshire to help them finance a development through their limited company. Paul arranged short term funding at 85% of the total cost of a single dwelling for improvement and sale. They were so impressed that they immediately called him again for their first major project - a land purchase in the centre of Boston and construction of ten town houses. At the time they were completing a pair of semi-detached houses from their own resources.

They needed the best gearing as “cash” was at a premium until the two semi’s were sold. Paul initially obtained funding from a development bank that unfortunately withdrew from the increasingly fragile market. He quickly arranged a replacement loan at 84% of total cost with a charge on the two unfinished semi's. This project was ongoing in the toughest market conditions but Elliott and Philip received a single offer to buy all ten properties for £1,150,000 with a part exchange of development land and planning permission for multiple properties - ideal for their next project.

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10 reasons to
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10 Reasons

Why ASC?

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Why ASC?

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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