Often the problem is, that being a new business, the banks are not helpful. But that extra finance could be the answer to expanding or developing. Having turned to the traditional methods, and turned away, now is the time to think outside the box. It was interesting to hear two members speak at Devon in Business about unusual and modern ways to find the finance needed
Young business with proven success
One of the problems presented to Andrew Ross, Independent Equity Release specialist, concerned a successful and busy restaurant. Having traded for a couple of years, the accounts looked good but the business was in rented property. Having tried all the familiar methods, expansion plans were looking grim. However, by thinking outside the box, Andrew secured the required finance with a host of benefits never thought about.
THE Restaurateurs mother owned a substantial property and ideal for an Equity release scheme. It would raise tax-free cash. For Mother, she felt pleased at helping her son. For the son, pure delight the expansion plan could proceed. Better still, added benefits helped even more. Lack of repayments for the Equity Release for Mother meant the finance became interest-free. For Mother, she could stay in the house as long as she liked, there was no time-span. For the restaurant more, expanding income and reputation. Smiles for the accountant as costs were practically nil. Happiness was fed all round.
Andrew told the meeting “there are probably many more business situations where parents or relatives could use a property to help offspring with there business. Whatever the business, this might be a solution to a financial dilemma. It’s a way of keeping it all in the family.” A true case of what and who you know and the advantage of Devon in Business membership. Look on Andrew’s web site www.brsequity.co.uk where there are lots of facts. Best of all, call Andrew on 01803 226157 for an impartial chat. He’s part of an award-winning specialist so you are in safe hands.