Background – Supporting a property developer through funding challenges
David Bamber, ASC Director in Essex, secured finance for a client, an experienced developer, who was referred to us by an accountant. ASC was able to help the client raise an additional £400,000, taking total debt to £1,300,000 with a GDV of £3,400,000.
Challenges – When unforeseen costs threaten project completion
We all know that things do not always go to plan, and this situation was a good example of that. In this case, even though the client had previously secured finance in the first instance, due to unforeseen circumstances, they needed further funding to complete the project. In this case, the client’s previous lender would not provide further funds (even though they had significant experience with the client and the GDV was still sub 50%)
Solution – Finding alternative finance under pressure
David used his skills and contacts to find a lender to advance the extra funds taking a charge behind the client’s bank. Even then at the last minute the initial bank declined to give a second charge, we then managed to take a second charge on an alternate property and get the funding in place within the original time scale the client needed. Even in the most challenging circumstances and with many last-minute changes, David still managed to get the funding in place for them to complete the project without incurring even more costs to the client.
Outcome – Delivering results when it matters most
David’s success here was in making sure, even with the unforeseen hurdles that came up, the client got what they needed in the timeframe they needed it. ASC have been supporting SMEs with finance for 50 years, a safe pair of hands and reassurance for clients in these difficult circumstances.
Sometimes our clients are looking for finance for various projects, but either do not know where to turn, have been turned down by their bank, or are simply looking for the expertise and guidance to help them get the finance to ensure that their projects can take off. ASC always delivers a refreshingly personal service and takes away the hassle.
