Peter and his team at First Country Finance, worked with the customer to write up a proposal to Aldermore for the finance of £96,800 on a Hire Purchase agreement that would include an upfront deposit to help reduce the monthly repayments over the five year period.
Aldermore first reviewed the proposal under its standard credit policy, however due to the impact COVID-19 had on the business, re-reviewed the previous decision under the CBILS terms and were able to offer a conditional acceptance with this product.
With the customer’s permission, Arran was able to complete the standard agreement information as well as generate the additional CBILS paperwork through the British Business Bank’s CBILS portal and work with Peter to obtain the customer’s signature. On receipt of the completed paperwork Aldermore were able to release the funds to the customer’s chosen supplier within a couple of weeks of receipt of the initial proposal.
This deal means that the hotel group is in a better position to open its new location when lockdown measures are lifted, and with the additional of the Business Interruption Payment, it doesn’t have to pay interest on the agreement for the first 12 months.
Patrick Jelly – Commercial Director, Aldermore Asset Finance
“We are delighted to support a customer such as this one with a number of asset finance arrangements and to be able to continue this support in a time of difficultly is a great feeling. Their pragmatic approach to putting in place measures that will help them trade out of this crisis is great to see and along with their strong business plan, were key drivers in Aldermore offering the CBILS product and we are keen to support other business like this one in these uncertain times.”
Peter McCullough – First County Finance
‘We have been acting for this Hotel Group for almost 10 years and have been involved in the opening of the new hotels as they come on stream.
It’s a most successful formula and having enjoyed staying many times it was a pleasure to be able to assist during a very difficult time for this industry.’
Find out more about our Coronavirus Business Interruption Loan Scheme and how to apply for one via our broker partners, here.
T&Cs will apply, subject to status and affordability. Any asset used as security may be at risk if you do not repay any debt secured on it.