Reward Funding has completed a £900,000 funding facility to support the acquisition and redevelopment of a non-trading petrol station in a deal highlighting continued appetite for projection-led lending in specialist sectors.
The facility was provided to Linthouse Service Station to acquire a dormant forecourt under tight time constraints, with funding also earmarked for a full redevelopment of the site.
The transaction was introduced by Sterling Financial Planning and marks the first completed deal between the two firms.
High street lenders are understood to have stepped back from the opportunity due to its reliance on projected income rather than historic financial performance, despite the borrower’s recent track record in delivering similar forecourt projects.
FAST AND SMART
Danny Ahmed, director of Linthouse Service Station, says: “Reward backed our vision when others paused. They moved fast, asked smart questions and supported us based on what we’ve built and where we’re going. We’re excited to see where the future will take us.”
John Pulahi, managing director of Sterling Financial Planning, adds: “This was a great first deal to secure with the Reward team. Their decisiveness, flexibility and understanding of ambition were second to none.
“It marks the start of what I am confident will be a strong and productive relationship, made possible by Reward’s genuine appetite for lending and their pragmatic view of risk.”
“Timing and trust were critical to this transaction.”
And Carl Perry, business development director at Reward Funding, says: “Timing and trust were critical to this transaction, and it required a lender willing to look beyond rigid criteria and tick boxes. It also marks the first of what we expect to be many deals with Sterling Financial Planning, a partner that, like us, sees the opportunity beyond the obvious.
“This is exactly the type of opportunity where our approach to lending can add real value for entrepreneurs wanting to grow their business.”
Main picture: (Left to right) Anthony Cope; John Pulahi; Danny Ahmed and Carl Perry.
