Refinancing Pub Mortgage Even with Trading Interuptions

The Requirement:

Our clients who were experienced publicans, wanted to extend their current premises so they would be able to accommodate additional covers.

The Interesting Stuff:

Unfortunately, due to the restrictions everyone experienced over the Covid period, the trading performance of the pub had several interruptions. This meant that when the publicans approached their existing bank to refinance their mortgage, to be able to raise the funds needed to support the extension, they were declined.

This was not just against them, the bank had made the decision to no longer offer finance for any trading pubs at the time.

We used our specialist knowledge to do a deep-dive into the accounts of the publicans, to be able to demonstrate to the bank that the clients did indeed have the ability to service the requested loan.

To further support this, we also included projected forecasts relating to the growth of the business with the space for the additional covers taken into account, and this also helped qualify the clients.

The loan was approved within 48 hours from our submission.

How we helped:

Not all cases require specialist lenders although we were ready to approach those if needed. Instead with the right amount of additional information, and extra detail provided in the submission from our team, we were able to use a high street lender for this request.