Ross Hyde
Spec
| Industry area | Loan amount | Turnaround |
| Tourism | £170k | 1 month |
Situation
Winter is the traditional time for improving and developing, in the tourist industry, and my client’s business is no exception. They are a boutique holiday site in North Cornwall, with an established reputation and many returning customers. They have been trading for a number of years, and wished to add two further lodges to their suite of accommodation, however needed to borrow the sum required to achieve this. Timing was important to them, due to the requirement to have the lodges installed and operational for their busy season, beginning before Easter.
Strategy
High end holiday lodges such as my client required need to be ordered from a bespoke manufacturer, paid for in advance, and delivered to site on the back of two low-loaders. The risk of damage during transportation and installation is real! Consequently, many high street banks will not handle this kind of purchase, and a specialist lender is needed.
The client was an existing business connection, and approached me for help. I spent a considerable amount of time getting to know their requirements, hence the longer-than-usual turnaround time. They needed manageable payments and a flexible lender. The two lodges together cost £188k, and my client wished to borrow £170k.
Solution
The flexibility that Shore Asset Finance has means that we were able to offer this client a solution involving two lenders, one for each of the lodges. One worked in conjunction, with the Growth Guarantee Scheme, with is a government scheme designed to support access to finance for smaller UK businesses. Launched in July 2024, it can generally support facility sizes of up to £2m and provides the lender with a 70% government-backed guarantee. You can find out more on the British Business Bank website British Bank Website, or ask me for more details.
With the two agreements in place, the client is very happy to welcome two new lodges to the site before the busy summer season gets underway,and is now prepared for a busy 2025 season ahead!
