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Can’t count on the bank? Count on ASC!

Can’t count on the bank? Count on ASC!

ASC Finance for Business were approached by the partners of a small building firm, whose bank were calling in a development loan which was secured against a block of flats that they had built a few years ago.

The flats were finished to coincide with the downturn in the market in 2008 and it had become difficult for the firm to sell them at the right price, so the partners decided to try and keep the flats, and sell them when the market recovered.

Initially their bank agreed to maintain the loan, reviewing on a quarterly basis, whilst the clients rented the flats out. Over time, they were forced to sell five of the flats as the bank wanted the debt reduced. But they had still managed to retain and let out the remaining four flats.

However, the bank was now calling the loan in, and the clients wanted to keep them as they saw the market improving.

So they spoke to David Tyler, of ASC Hampshire and Dorset, who managed to arrange a 10 year interest only loan, which enabled them to retain the rental income from the property and hopefully see the flats rise in value to achieve the kind of returns they were initially hoping for. In addition, ASC were able to raise extra funds so that they could look for new sites and opportunities now that the market is strengthening.

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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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