Purchase
If you are buying a business there may be many reasons as to why you need to know the finance options available to you:
Whatever your reasons, actually arranging commercial finance can be complex. Banks and other lenders do not tend to make it simple – they are continuously putting up hurdles in the way. And overcoming these hurdles and challenges can be rather daunting. After all, you want to be focussing on running and developing your business.
With 50 years’ experience, ASC know which lenders to approach to get the right deal for you and how to write a successful application. Speak to your local ASC Director.
ASC will focus on the finance, so you can focus on your business.
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 a recent deal, successfully completed by ASC we overcame some of the expected issues and more.
Two generations of a family were looking to borrow funds to buy a boarding kennels and cattery in Crediton, licensed for 30 dogs and 15 cats, owners’ bungalow 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.
There were a number of hurdles to get over, one being the business was closed when the family was looking to take it over so there were no recent 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 for and 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 to shape, perfect and present your proposal to the bank.
How did ASC help?
When ASC got their paws on the case our track record and relationship with lenders helped the clients get their finance secured. Our years of experience of commercial finance overcame the various challenges lenders presented and allowed us to put together a strong case to the bank.
ASC was approached by two clients who were looking at buying a specialist care home. Both clients had not previously worked in the industry, but were keen to leave their current jobs and undertake a lifestyle change. Lenders are usually reluctant to provide finance in these circumstances, as they are often concerned if a borrower lacks direct experience or is looking to undertake their first business venture.
Fortunately, after meeting the clients ASC Finance were able to put together detailed presentation to decision makers known by ASC to have an interest in this sector. Our clients’ lack of experience was mitigated for, as we were able to demonstrate to the lenders that our clients’ employment history had sufficient attributes that made them viable if not ideal applicants. After much negotiation, the lender agreed to provide the required finance, and a loan was secured for our clients to complete the purchase and take over their new business.
So, if you want to make your finance journey faster, simpler, better – there’s just two things you need to do:
Your initial consultation is free and without obligation.
We’ll handle the finance, so you can focus on what really matters – your business!
