A recent applicant for a Newable loan was a business which provides luxury short term accommodation within Central London through a range of five star rated apartments. The company approached us seeking a loan of £50,000 over 36 months which was needed to assist with the purchase of a leasehold serviced apartment building with an option to buy over 10 years. Part of the loan was also to be used to refinance an existing debt with another lender.
The applicant was long established with a powerful and positive message and brand across social media. A selling point to their clients is that a concierge service is always available to provide help and assistance throughout their stay.
2017 proved to be a very successful year for the applicant with revenues approximately doubling to around £1.5m following a change in their business model. Supporting financial information including company accounts and bank statements evidenced that the required loan could comfortably be serviced.
The company had given no prior charges and so Newable approved the loan subject to a Debenture and directors guarantees being provided and the business continues to go from strength to strength