Where do you go with a complicated case, where the client is looking to fund cashflow but, due to covid, the business is loss making and has little by way of asset base? It’s a question faced by many brokers in these challenging times. Finsec were approached with such a case. Client had struggled to raise the necessary funds elsewhere, having looked at invoice finance, existing bank support and even the government’s Recovery Loan Scheme (RLS), the client was getting nowhere.
Client had ample equity in her home, was willing to provide security for the £100K loan that was being sought, had a pipeline of work that was growing as they emerged from lockdown, and this formed the basis of the case submitted to FinSec. Following FinSec’s underwriting and due diligence, there was no adverse in the company and projected turnover and profit confirmed via accountant’s verification was healthy and showed sufficient turnover to service the loan. Finsec was able to provide a secured loan over 15 years with no payments for the first 6 months, taking a second charge over the client’s residential property.
The happy broker comments – “They were a breath of fresh air, the whole process seemed geared as to how they could construct a deal. There were a few challenges along the way, but each was met with the same ‘can do’ attitude and that helped us do a complicated deal in really good time.”
Finsec’s speciality is providing loans to business borrowers with non-standard or complex profiles.