Refinance
Our client approached Business Finance Providers after the sale of a large number of commercial vehicles had fallen through. The bank was not in a position to fund the vehicles and our client were in fear of a repossession order if another sale was not completed in 30 days.
Rather than risk this, Business Finance Providers arranged a refinance loan on the large fleet of vehicles. Business Finance Providers swiftly got an agreement to lend at a sensible rate and the lender was repaid swiftly once the vehicles were resold.
The refinance loan afforded them to put the vehicles back on the market which then sold for full market value after two weeks. The refinance loan was repaid quickly, interest was rolled up meaning cash flow was not impacted. Our client was delighted, and they believed the vehicles sold for considerably more than if they had put them to auction.
Neil Jones – Managing Director – Merlin Scaffolding Ltd
