A well-established customer in the Hull area is providing a “fitted out” Boutique Hotel ready to lease. The requirement for £250k of facility to purchase various items from multiple suppliers using Asset Finance.
There were two key difficulties; the timing of the deal coincided with the customers accounting year end and the accounts were initially in draft form, then, the type of items they needed to fund were only just perceived as “Soft Asset.
The major advantage of pressing on with the soft asset route was to get the lowest interest rate. The differential equated to £35k less of interest to the next available funder which would not have been “Asset Finance”
The funding facility was provided within the time constraint placed upon the project and required substantial input by our Broker Jonathan Beighton with 16 different suppliers to get to pay-out.
We look forward to seeing the end product prior to Christmas 2018 of what will hopefully be a unique project in Hull after the City of Culture 2017.
If you’d like to know more about how we can help with your finance, please contact us.