Home away from Home - Another Guest House’s finance secured in Edinburgh with ASC

ASC Scotland, Alison Hunter, has recently helped a guest house client looking to secure finance for their business.

The pandemic made things really hard for the hospitality industry as we all know; guest houses were shut for extended periods and even when they were able to re-open it was with limited capacity. That made it harder than usual to present an application for finance for a guest house. Knowing that lenders were being extra cautious about loans to the hospitality sector Alison wanted to make sure that the bank did not refuse to help our client. ASC was not only able to secure the deal for the client, but also get the client a more favourable interest rate which reduced the total interest to be paid.

Alison comments, “Pre-Covid this would have been a relatively straightforward deal but the pandemic and the response of lenders with regard to appetite to lend to the hospitality sector made this extremely difficult particularly given it coincided with a change of business model for the guest house. ASC succeeded in securing the funding in the middle of the pandemic primarily as a result of the strength of relationships with lenders and our proven track record in high quality presentation of cases to lenders.”

Our client commented, “A big thank you to Alison, and I will definitely come back to Alison and ASC for funding for my next property. I have previously raised finance but proved to be more expensive than the funding sourced by ASC. My experience with ASC has been very positive in general terms.”

It is part of our role at ASC Finance for Business to know which banks have an appetite to lend to different sectors and which are the best to approach for our customers. This saves a great deal of time and effort for the borrower, not to mention certainty in knowing that the deal should go through.