Refinance of Established Hairdressing Salon

03 November 2017

A hairdresser with a business that was established over 25 years ago, and had been run by the current owner for the last seven years, was looking to refinance away from their current lender and repay some unsecured debt incurred doing improvements to the salon.

The valuation did not come back as favourably as the client had hoped, and although this meant that a restructure was needed around the repayment of unsecured debt, we were more than happy to proceed. The accounts showed the business to be strong and growing, with the added benefit of the client's partner having a good outside income. A strong business that was well run with a good outside income made it very easy for us to go to formal offer without the need of a customer interview.

Unfortunately, the current lender proved somewhat inflexible about providing an accurate redemption figure for the redemption statement. This proved challenging but the Shawbrook Lending Officer took a pragmatic approach and, after checking with the broker, spoke directly with the client who was then able to contact the existing lender to gain a figure.

Shawbrook look at each case on its own merit and we know just how important each case is to both broker and client - particularly when someone's livelihood is involved. Going the extra mile and speaking with the client directly is the kind of initiative we encourage within our teams, and this is reflected in the service given to brokers and their clients.

Shawbrook comment:

"As a sales team, it is crucial to work closely with the internal Lending Officers and Managers to ensure we all come together to deliver for the broker and client. In this case, I was delighted to see this happen seamlessly so that the last-minute challenge could be overcome. Close working relationships are a big part of this business and the team at Bedrock know our products and processes, and what needs to happen to get deals over the line that suit their clients" 

Krissy Salmon, Business Development Manager, Shawbrook Commercial