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Case Studies

How we have raised finance for businesses like yours

From Salary to Celery

When Kelly and Despo McCarthy wanted to purchase their own village greengrocers shop they needed expert help in securing the finance they required. Not only did they require a residential mortgage to refinance their home to a buy-to-let, they also required a commercial mortgage against the shop! With only one lender interested in their proposal – their future was in the hands of ASC.

Kelly and Despo McCarthy had always dreamed of running their own business, so when the opportunity arose to purchase their own village’s greengrocers shop, “Country Pickings” in Mundesley, Norfolk, they jumped at the chance. Kelly saw the potential to make his own mark on the long-established business and exploit his passion for quality food. With 2 young children and Kelly having to give up their only source of income, it was a big decision and they needed the right help. They approached their mortgage adviser, Tony Castle of Premier Mortgages in Norwich to help them refinance their home to a buy-to-let, so the family could move into the nearby shop premises. Tony was able to raise their deposit monies against their home, but they would also need a commercial mortgage against the shop, so he referred them to David Hall of ASC Norfolk & Suffolk.

Working closely with Tony and the clients, and armed with a detailed business plan and financial projections highlighting how they could expand and diversify the business, David only managed to obtain interest from a small number of lenders on the ASC panel. Many were not keen, or simply could not assist, due to the client’s lack of experience in running a business, and also the fact that a large proportion of the business premises would comprise their home, making it a regulated mortgage.

ASC know lenders who are able to entertain such difficult propositions like these, and after explaining that the vendor would be staying on for an initial period of time to help them learn the ropes and bed themselves in, David persuaded one lender to meet with the clients. Following a satisfactory valuation, he finally received a full approval to the required facilities. After a relatively smooth legal process to dovetail completion of both the purchase and buy-to-let refinance, the client’s took ownership. They have now started to bring in their own ideas, and have just enjoyed a very busy and successful Christmas period.

Kelly says, “We did not know where to start, but knew we could make it work. After speaking with David Hall of ASC the process moved on at a pace. After some great advice and honest opinions from David and Tony we are now six months down the line and business is better than we could have hoped for. We will always be eternally gratefully for all the help and advice given to us to get our dream off the ground”.

Country Pickings – 19 High Street, Mundesley, Norfolk. Tel: 01263 720054.

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