You will have noticed in the news recently that various banks and institutions are coming under scrutiny for mis-selling products to businesses. It would seem that the PPI scandal was not the end of unfair practices coming from the financial sector. It has emerged that a number of institutions have sold fairly lucrative looking loans and financial products to businesses which turned out to have hidden swap closes and undisclosed derivative products linked to them. A significant number of businesses affected by this are based in the hotel, accommodation and leisure sector.
Whilst the institutions that mis-sold financial services, in particular fixed rate loans, are being brought to account and compensation payments are highly likely, many businesses are struggling to operate as a consequence of the damage caused. It is encouraging that most of the affected businesses look likely to be compensated, but in the meantime many businesses will require financing or refinancing in order to carry on. This is where our services can help.
Although not at fault from mis-sold products, guest houses and bed and breakfasts can find it difficult to access loans or financing whilst investigations and enquiries are being undertaken. This is because on paper, the business appears to be an unsuitable one to meet loan repayment commitments. Here at Stewart Hindley & Partners we know there’s a lot more to a business than what’s accounted for on paper, particularly when it comes to leisure and accommodation. We work with finance and funding companies that have the same view, and appreciate the predicament businesses have been placed in by mis-sold financial services.
Our team are hotel and bed and breakfast finance experts with first hand knowledge of the hospitality industry. This enables us to present your requirements for refinancing into a suitable business plan to present to lenders. We ensure our experience, ability and knowledge is available to businesses that require refinancing in order to reach their maximum potential.
Many hotels, guest houses and B&Bs entered into agreements for financial services in good faith, being unaware of hidden clauses and penalties within them. No business in this situation should be unable to access vital funding as a consequence. This doesn’t have to be the case with our expert skills, services and assistance with all aspects of hotel, guest house and bed and breakfast finance.