Our client was a successful owner of a lettings agency in Yorkshire. They called us looking for finance after being let down by their original finance backer. From the outset, we could se that the client would meet the lending criteria and ideal borrower profile of one of our boutique finance aprtners.
They needed a quick decision and rapid drawdown of funds becasue the buyer had promised the vendor that the deal would close by month-end, which was just 2.5 weeks away.
We quickly issued and received back an asset and liability statement, alongside historic and current business P+L data. A swift analysis of the business and of the target acquisition quickly revealed the deal to be highly cash generative. It just made good sense: the income being acquired exceeded the cost of borrowing by over £5000 a month.
Our lender was respectuful of the need for speed and assessed the deal on the same day we submitted for approval, assuring that they could meet the timeline required by the borrower, allowing the deal to complete in the required timeframe.
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