A well established chain of country inns needed assistance with their refurbishment plans for 2014. Although trading for 26 years with a healthy balance sheet, the broker was struggling to find a funder interested in assets which included seating booths, drink stands, partitions and mirrors.
The deal was part of a larger deal already shared between funders with keener prices who insisted on only funding the more tangible assets. Due to the high quality of the credit and the standard of the proposal forwarded by the broker, Kingsway was happy to take the 3rd tranche and also take a view on the assets offered.
A £44,000 facility was completed over 36 months without guarantees.