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Simple Foods 24 Ltd

Type: Property Finance

Borrowed: £130,000

Simple Foods 24 Ltd, a 24-hour convenience store in Hammersmith, needed financial assistance to support its expansion plans. They wanted to add a third shop to their operations and had been trying to raise the necessary funds for over a month. 
 
“My credit rating took a battering a while back,” said Busharat Ghani, owner of Simple Foods 24 Ltd. “Even though my finances were all in order by the time I applied to the bank for finance, it was very difficult to make any headway. Eventually I gave up, went online and found a broker who recommended Nucleus.” 
 
Unfortunately, even if a business has a spotless credit history, banks are very risk adverse and can dismiss a loan application for almost no good reason. Initially Ghani was just looking for an average business loan but the Nucleus team advised him to consider property finance as it was better suited to his needs. 
 
“Using property as collateral,” explained Paul Fenton, Nucleus sales director, “enables SMEs to borrow what they need, when they need it, at very competitive rates. Ghani decided to take out a second charge loan using the equity in his residential property as security. This allows him to pay the loan back over five to seven years, giving Ghani time to expand his business successfully.”
 
“Thanks to Nucleus,” concluded Ghani, “I have the funding I need to expand my business and offer a better service to my customers. Paul and his team were very easy to work with. They always had time for me and no problem was too big to try and solve. I felt comfortable talking to them and confident in their abilities to help my business get the funding it needed. Within 24 hours of applying for finance, they had an answer for me – yes.”

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