Finding the Optimal £3.5M Office Renovation Finance for Solicitor

As a successful business, they recognised their appeal to finance providers but didn’t know the market well enough to select the right options. Additionally, the firm wanted to ‘cut through the noise’ and speak as directly as possible to specialist lenders that deal with solicitors and legal firms. 

Why was there a problem?

The sheer cost of the office space and equipment was a considerable challenge for the group, which while successful would struggle to take that amount of cash flow out of the business. Instead, they needed to find a lender who was willing to finance their office purchase and fit-out with terms that were achievable as the firm grew. 

With the firm’s 30 partner structure, they were less willing to offer personal guarantees to lenders than a smaller firm may have been – which could have been an issue if they didn’t have someone to negotiate on their behalf. 

Why we were able to help

As a specialist in the sector, we were able to quickly direct the solicitor firm to the right lenders who understood their industry and could lend without the need for personal guarantees. This helped save time on both sides. Removing personal guarantees means more risk for the lender, so Rangewell helped refine the solicitor’s business proposition to showcase their ongoing growth and highlight their existing financial performance. 

Using this, the team was able to negotiate the finance agreement with financial covenants rather than personal guarantees – which was only possible thanks to Rangewell’s long-standing relationships with the UK’s best lenders and the business’s performance record. We were able to engage directly with the underwriting team at the lender of choice and secure the right agreement – which was a 5-year term with balanced repayments that could be absorbed as the solicitors grew from their new office. 

Finance for office fitouts

Whether you’re a small business or a larger one, you’ll eventually outgrow your office as you build your team. Rangewell can help you find lenders who specialise in office fit-out and renovation finance, deliver cash injections to fund equipment or property purchases and support you on your journey. As specialists in the professional services sector, our team are ideally suited to negotiate on your behalf. 

Contact Rangewell to get your new office financed

As with all businesses, going it alone means having less access than those who have established relationships. Rangewell gives you access to our longstanding lending partners and we’ll help represent your business plan and office fit-out proposal in the best light to secure the ideal agreement. 

If you’re in the professional services sector and want to upscale to a new office, get in touch today to find the right finance agreement for you.