ASC Finance for Business was named “Commercial Broker Network of the Year” in the prestigious National Association of Commercial Finance Brokers (NACFB) Commercial Broker Awards 2024 this autumn!
An independent expert judging panel of lenders and industry professionals selected us as the winners from six other finalists, including winners from previous years, so securing the Commercial Broker Network of the Year title is a significant achievement.
Our award recognises broking excellence and a commitment to delivering the highest industry standards. Here are some of our most recent, trickier deals that demonstrate why we won the award.
The client wasn’t expecting to be offered the freehold and was struggling to secure a loan due to some extraordinary costs in the latest accounts. These costs affected serviceability. However, we demonstrated to the lender that these were “one-off” costs which wouldn’t affect the ability of the business to repay the debt and secured the finance.
The client didn’t have enough deposit contribution, so we arranged a refinance of his existing residential investment property to raise additional funds for the purchase. We even raised more deposit contribution than first anticipated as the current rental income was below market value. The lender lent against the new properties’ market-value rental income, providing three separate facilities to complete the deal.
Our client’s initial attempt to purchase the property fell short on the loan value due to the valuation determining that the land acreage exceeded the lender’s maximum policy allowance. This decision meant the client didn’t have enough deposit contribution to cover the shortfall and required deposit.
To make up the shortfall, we refinanced one of our client’s existing unencumbered investment properties. Unfortunately, the first attempt to refinance was unsuccessful as the chosen property also fell outside of the lender’s policy. We then selected an alternative property to refinance, and thankfully, this was successful. The bank then lent the funds to purchase the target investment property.
The client planned to convert the building into a self-storage facility. This finance application wasn’t straightforward as the building had no history for the type of business that would be located there, and the client had no track record in this sector. However, we convinced the lender of the merits and secured a bridging loan.
Finding a supportive lender was challenging due to affordability and the application’s projection-led nature. However, we explored all avenues and found a lender that accepted the projections because two of the company’s clients are large, well-known companies recognised by the lender.
If you’d like an award-winning commercial finance broker that gets results, get in touch.
