SECURED BUSINESS FINANCE

New start sports bar

Term: 7 years | Amount £200,000 | Feature: split drawdown

£100,000 required to fund a new bar fit-out plus furniture, catering equipment and various intangible items.

Traditional lenders were not prepared to lend as it was a brand new business with no accounts.

The directors and shareholders had bar experience and property with equity levels to support their new venture. 

Outcome

Accredo provided a 7-year facility for £200,000 with £100,000 drawn down immediately and a £100,000 ‘buffer’ facility to provide instant funding for cash flow, expansion etc.