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A tasty deal

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Tasty Deal with the Food Group Utilising Homeowner Business Loans.

Nine directors of the same company have secured a £1million funding package for their business – through second charge loans secured against their homes.

The bosses at The Food Group needed £750,000 to clear an existing bridging loan and another £250,000 to invest back into their business, a supplier to the catering industry based in the West Midlands.

They brought the complex deal to Crystal Specialist Finance which approached Together. The lender recommended its homeowner business loan product for the directors, allowing them to borrow against residential property for commercial purposes.

Their application was split into two linked cases to make sure all the company directors received the lowest possible rates, and the entire process was completed in under six weeks.

Jo Breeden, managing director of CSF, said: “This was a very complex case that was made possible by the experience and inspired thinking of the team, and our great relationship with the lender who understood the ins-and-outs of the case immediately.”