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Can you access the funds you need – the rates you want – terms you are happy to work with?

Can you access the funds you need – the rates you want – terms you are happy to work with? If so, then you don’t need to read on…

Here is another prime example how banks work today. An ASC client company had a £3m loan secured with their bank on a £8.1m commercial property portfolio with substantial rental income. The client also had other substantial sources of income with many years of audited accounts.  Part of the loan was renewed in April this year and the second part was due this month – the same bank offered new renewal terms last week at 43% higher interest (from 1.75 to 2.5%) and 100% higher initial fees (from 0.75 to 1.5%). This is not a comparison between 2010 and 2007 terms; we are comparing 2010 to 2010! What do you think are the reasons for trying to squeeze clients like that?

If banks can treat top clients like this, I can only imagine how business owners generally are being treated!

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