Keeping a legacy alive – how specialist finance saved a family business
Laleta Buctkuar (pictured) is key account manager for specialist lender at Together
As a lender, it’s always great to be able to get the best possible outcome for your customers – and achieving this goal becomes all the more satisfying when the borrower has an emotional stake in the business you are helping.
This was the case in a recent funding application we dealt with at Together, for a customer who had inherited her father’s shop after he’d passed away. Her dad had spent years building up the small business, and it had become his “pride and joy.”
So, following his death, his daughter’s loss was compounded when she faced further heartbreak at the prospect of possibly having to permanently close the family business. She had existing debts that had to be cleared urgently, so she needed funding fast if she was to retain the shop for the future.
Determined to make a success of the company, the customer contacted her mortgage broker to find out how she could secure the finance needed to realise her plans. They put her in touch with Clever Lending, who, knowing Together’s reputation for dealing with more complex cases, and our ability to deliver funding against tight deadlines, brought the case to us.
We reviewed the application and, applying our usual common sense philosophy, were able to provide the finance needed of £37,360, secured against commercial property, allowing the customer to save the family business and move forward with her plans.
We were delighted to be able to help this determined lady to preserve her dad’s beloved business – and keep his legacy alive.