Food & drink
A Manchester bakery opening a second site
Two years of accounts and a signed lease, but three high street banks had already declined on sector risk alone.
- Facility: £180,000
- Completed in 9 days
The position
The owner had a signed lease on a second unit and a fit-out quote in hand, but the clock was running on the rent-free period. Three high street lenders had declined without looking past the SIC code.
What we did
We took it to a challenger lender that underwrites on management figures rather than sector tables, and packaged the application around twenty-two months of consistent till data from the first site.
The outcome
Terms in four days, funds in nine. The second site opened three weeks before the rent-free period ran out and covered its own repayments from month two.
In a similar position?
Most of the cases on this site started with a twenty-minute phone call.