This nursery were able to more than double their business by opening a new premises.
This client of Christie Finance were running a successful nursery in London, with a popular outdoor ethos for children. With a high demand for places, they had managed to acquire the leasehold of a second site.
They needed £350k for a refurbishment to make it ready to welcome a new cohort of children from September 2023.
However, due to a minor discrepancy with one director’s address details, the client was rejected for a loan from banks and funders.
They were in a sticky situation, as they had committed to the leasehold of the premises. But without the refurbishment they couldn’t welcome children there, meaning they wouldn’t make any income to cover the high London rent.
Luckily Christie Finance knew exactly which funder to call. Having worked successfully with Asset Advantage before, they were confident we would take a common-sense approach to the situation, and crucially, the broker knew he could talk it through with us too.
There were several elements that made the difference in getting this deal through:
- The broker talked the issue through with our underwriting team at the outset.
- Our underwriting team took the time to meet the directors to fully understand the business case.
- Smooth paperwork on both sides led to an exceptionally quick payout of 5 business days.
The client is ‘over the moon’ and they’re now refurbishing the building, ready for the new cohort of children.