Early-stage pub loan
Our borrower was 60 years old and had spent most of his career working in pubs. However, he had always dreamed of owning his own pub and had found the ideal opportunity near Manchester.
He had a good cash deposit having sold his home, however the mainstream lenders would not support him. They either cited his age or the sector.
We were impressed with the borrower’s knowledge of the sector, passion for the project and excellent business plan. He was full of energy and seemed the perfect person to run a successful pub. We were delighted to back him with a 2 year loan.
The borrower had a challenging first year but his dedication got him through and, after 15 months, was able to demonstrate the financials required to secured funding from a challenger banks. The borrower refinanced our loan within the 2 year term and continues to live his dream of owning and running his own pub.