This may be small but it was very satisfying. We had helped our client buy a closed pub for “cash”, the “cash” being raised from a mortgage-free residential investment property (and that bit wasn’t easy either).

Our client (let’s call him Steve) then spent £20,000 or so of his own money, renovating the living accommodation for himself and his family and needed to borrow about £30,000 to get the ground floor ready to re-open as a pub.

Despite the fact that Steve has two separate sources of income, ample for the repayments, and has an extra mortgage-free commercial investment property, not one long term lender would provide the £30,000 he needed. The universal reason given was that Steve was embarking on a trade in which he had no experience. At least two local bankers thought Steve was worth supporting; it was the credit team in the ivory tower that said no.

We arranged a two year interest only loan from a short term specialist at a decent rate with relatively low set up costs and no early repayment charge. Once Steve has his first year’s accounts, which we have no doubt at all will be good, lenders will be queueing up to refinance him.

We wish our client a busy festive season and a very prosperous new year!