It is becoming increasingly common for family members to be working together and support each other in business opportunities. That can bring with it its own challenges and in this recent deal, successfully completed by Conrad Robins, ASC Director in Devon, we overcame some of the expected issues and more.
A multi-generational family were looking to borrow £300,000 to buy a boarding kennel in Crediton, Devon, licensed for 30 dogs and 15 cats, and set in 2 acres of grounds. This was a really exciting opportunity for the family giving them the chance to compliment and grow their dog breeding business which had opened the year before.
The business was closed when the family was looking to take over it so there were no accounts to provide to the lender to show a track record. Similarly, whilst the family had another business, this had been operating for a year only so we didn’t have the usual history of financials. These are some of the things that a bank will normally look at an expect to find as part of the application for a loan. Every application has its quirks and that’s why it is so important to have a broker helping you present information to the bank and focus on client’s achieving their goals.
How did ASC help?
Conrad was able to leverage ASC’s track record of success to help the family get their finance secured. He did this by overcoming the challenges and putting together a strong enough case to the bank. ASC highlighted information that is important to the bank such as the previous successful business of our client and her partner which they sold in 2017.
As with all the clients I work with it was a pleasure getting to know the family and helping them get what they need – I’m so glad that we could make it happen for them”
To find out more about ASC and how to secure finance for your business, please visit our website section and let us give you a call (www.asc.co.uk/contact-us) – You’d be barking mad not to!