Reach sources flexible loan for hospitality business
Phil Trueman, from Reach Commercial Finance, has just secured a five-figure flexible loan for a North East-based business within the hospitality sector.
“Having two additional sites to manage, our client was incredibly busy and needed a great deal of support in preparing information. We worked very closely with them to ensure finance could be secured, without jeopardising the other two existing location," Phil said.
“Significant resource was required in order to fund the company’s new venture within the hospitality sector and acting quickly was essential in getting their third site up and running.”
Based in the North East, the business currently owns and manages two very popular restaurants in the centre of Durham, which has driven the desire and demand for a third.
“As a leading independent finance brokerage, Reach was sought out by the company’s accountant, to provide crucial funding with a quick turnaround.”
After gaining a full understanding of the new venture and funds required, we were able to identify a lender, from our extensive contacts, who was happy with the business model and the security it offered within the proposed repayment plan.
Phil continues: “It’s an incredibly tough and competitive market to be operating in, however our client is extremely driven and understands their target market very clearly. This, combined with their hard work and knowledge within the casual dining sector, has ensured their success with their first two sites.”