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Pub chain secures £1m mortgage with the help of Reach Commercial Finance
When successful, experienced licensed trade entrepreneur Phil Osborn was seeking a mortgage for a freehold addition to his thriving pub chain, that includes the popular Timberyard venue in Twickenham, the high street banks showed little appetite for the deal.
Following an introduction by his accountant, Phil spoke to Shaun Hyland at Reach Commercial Finance for help in arranging the £1m loan to acquire the Three Wishes public house in Winchmore Hill and complete a full refurbishment at a cost of £200,000. Phil commented We were extremely frustrated that lenders failed to give credit for the strong performance of our chain, even during the pandemic, and simply declined our request because we operate in the hospitality industry.
Knowing that many lenders had limited appetite for the sector, Shaun immediately provided a shortlist of those that remained optimistic and worked with management to secure the required facility. This was never going to be easy said Shaun, adding the key factor in this was the strong performance of the chain driven by the huge experience and market understanding of the management team. As a result, once we had found a provider with the desire to lend into the sector, the proposal spoke for itself.
A lenderes appetite for risk will inevitably be influenced by the impact of the pandemic and consequential restrictions to trade. It is therefore key that SME business owners demonstrate the strength of their management team supported by accurate and timely management information. This can often help to provide reassurance to potential lenders, whatever the industry or sector.
The value of using an experienced broker with knowledge of the whole market has never been greater. The deal outlined above shows how Reach Commercial Finance take the time to really understand the needs and potential of their clients, and in turn are able to introduce them to the most appropriate lender to solve their problems.
Get in touch with our team on 0800 993 0193 or hello@reachcf.co.uk to find out more about how we can help.
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
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