An existing client truly tested our ‘know how’ and speed on this occasion.
Our client had a £1,000,000 plus valued spa/restaurant/wedding venue and required £120,000, in 10 days to pay the first charge holder, to avoid repossession. And a further £80,000 to complete the building of a deluxe cottage to offer its wedding customers, thereby increasing profits substantially.
The challenge got more onerous, as the owner did not have any record of credit and therefore NO credit file/history, moreover, he was not even on the electoral roll register ever!
Fortunately, we gladly obliged to the challenge and secured an offer to the client in one working day, without the need to look at financial projections, bank statements and credit record history.
The £200,000 certainly gave the client time and breathing space with regard to the first charge and commissioned N & T to put in place a longer term commercial mortgage to exit the bridge and provide further solutions to fund the other two cottages for the business.
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