Commercial Finance Specialists Beta CF have been shortlisted for a prestigious national award.
Recognition for the Staffordshire Moorlands based firm is an acknowledgment of Beta Commercial Finance’s commitment to solving complex financial cases and getting the right solutions to support companies.
Director Tom Wilkinson said he was encouraged to apply for the Commercial Broker Awards at the suggestion of a bank manager who had witnessed how the company was willing to go the extra mile to find finance for clients, even in the most complex of cases.
“We were encouraged to submit an application in the Innovation category and it is pleasing to receive the recognition of a place on the shortlist, especially as the shortlist is compiled by experts from the financial services industry,” said Tom.
With a background in commercial banking, Tom set up Beta CF in Alton, Staffordshire three years ago and has the ability to search the whole of the market to find the right finance solutions for clients. The company has grown and now has a four-strong team, with offices at the Old Chapel, Alton.
Beta CF has supported companies across a wide range of sectors, such as property developers, printers, shop and gym owners allowing money to be invested into the economy and the creation of up to 120 jobs.
In the application, Tom gave an example of a case where the bank had demanded a higher contribution to a finance package than the applicant could afford. Explained Tom: “We were approached by a father and son who were experienced in the restaurant sector and were looking to acquire the goodwill and commercial property of an existing trading restaurant business. They were referred to us as they had only a 25% deposit towards the purchase of the business and their current bank required a 35% contribution.
“Through our market knowledge we sourced a lender who could meet a 75% Loan To Value rate for both the market value of the property and the goodwill element of the business. Getting to that point was extremely challenging as the clients’ former business and the business they wished to acquire had both made a loss in the previous year due to exceptional expenditure.
“This resulted in the bank initially declining their application but we were able to provide a report with a compelling case as to why the application should be supported and the bank overturned their original decision.”
An awards ceremony is scheduled to be held at Edgbaston cricket ground and conference centre, Birmingham, in early October.
To find out more about Beta Commercial Finance please go online to www.betacf.co.uk