Consolidation via Business Loan
£243,000 Secured Business Loan completed for online retailer
Sector: Retail
Solution: Business Loan
The Client
East Yorkshire based online/high street, certified seller of new and refurbished laptops, desktops, monitors, accessories and parts. Selling to both consumers and businesses throughout the UK, as well as refurbishing thousands of laptops every year
The Challenge
To consolidate existing, expensive financial agreements over a longer period, considerably reducing their monthly expenditure. This would free up cashflow to purchase stock as and when required. No equitable assets in the business to raise funds against.
The Solution
We were able to facilitate a 60 month, £243,000 business loan, secured with a first charge against the directors residential property. This not only paid off much more expensive finance agreements but also saved the business approximately £12,000 per month on finance payments.
Summary
Where there were no equitable businesses assets available, we utilised our extensive lending panel to find a solution that worked for the client and allowed them to plan their growth for the next twelve months
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