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£300k Secured Business Loan

One of our Brokerplan network partners, Barbara Cação of CC Finance has recently closed a £300,000 business loan.

They were approached by a client who had successfully launched a hotel in 2018 and was in the process of expanding into an adjacent premise – However, needed to cover the remaining costs of this expansion.

The new premise had building works and fit out that had to be completed before opening, with the client struggling to find a lender who would support these costs of works.

Security was available but ideally only as a 2nd charge to sit behind an existing commercial mortgage – with a full refinance deemed too expensive.

Barbara Cação, Director of CC Finance said,

‘When approaching a specialist lender to fund the soft assets for the fit out it turned out they had an appetite to fund the entire deal, not least because we had shared a comprehensive narrative of the client’s funding requirement. Consequently, this not only enabled a maximum loan amount for the client but also boosted time to completion.’

A facility was found and put into place that met the following client requirements:

  • A 2nd charge on the commercial premise as a repayment facility over 5 years.
  • No charge on the client’s personal property.
  • No re-valuation needed on the commercial property (existing report acceptable)
  • Flexibility offered despite some adverse credit in the background of the company and an insolvent balance sheet
  • An APR of just over 15% with a 0.5% arrangement fee.
  • Speed – the facility was put into place within 4 weeks