Financing for business development

We have recently assisted a small inland waterway boatyard. The customer needed a new boat lift to accommodate the larger vessels that are now becoming the norm.

There was security by way of director’s guarantee which was backed by an unencumbered house and the freehold of the yard. However, the challenge was that the lift was over 20 years old.

Working with the company in question, we sat down and thought about the options, coming to the conclusion that in reality the asset has a very long service life with few wearing components. A five year lease was promptly agreed.