Finding the correct solution for your commercial finance requirements can be hard. This month I thought I would share a case study with you to show how a senior broker in my company helped a local business.
Client Sector: Food Manufacturing
Type: Unsecured Business Loan
Description: The client’s business is based around food manufacturing. They wanted to expand and grow their business and felt that the best way to do this was to start a production line. They had already bought the premises that they traded from and secured the borrowing for this against the building. The finance for the production line, therefore, needed to be unsecured. Asset finance was considered but the client’s circumstances dictated that they needed the money quickly and easily.
Using contacts for unsecured business lending we were able to raise £100,000 quickly and at a competitive interest rate.
What was the deal?
Interest rate: 11 per cent
Term: five years
How long did it take?
Funds were in the client’s account within five weeks of their initial meeting with Fiducia and just two weeks from the date that the application was submitted to the lender.
We were recommended to this client by North Kesteven District Council. Following the recommendation one of our senior advisers took the time to speak to the clients and get to know their business and objectives for the future so that they were able to accommodate the client’s needs with the correct funding solution.
This finance was only available through a broker registered with the lender.
If you think that this sort of funding would help your business and would like a local independent broker to search the market place for your best options the recently launched findSMEfinance website detailed below could help you.
The NACFB launched www.findSMEfinance.co.uk, a simple finance-matchmaking website, to help small businesses access funding through an independent broker. The website helps unlock finance from a broad spectrum of lenders in the UK.
○ Marcus Grimshaw is the chairman of the National Association of Commercial Finance Brokers Member Services (NACFB-MS) and CEO of the Fiducia Group which includes Fiducia Commercial Solutions with offices in Sleaford, Mansfield, London and Northern Ireland.