One of the biggest complaints that we, as commercial finance specialists, hear from clients is not always that they can’t obtain the finance they require … but it’s the frustrating amount of time it can sometimes take to put arrangements into place.
Let’s face it, when you need the money you generally need it as quickly as possible. That was certainly the case last week when once again one of our brokers proved that when you have the right backing, the right funding sources and the right level of experience and expertise then solutions – and occasionally even miracles – can be accomplished with incredible speed.
In this case the broker was Pete Lloyd of Salinas Corporate Finance, Nottingham, which is now a member of the Synergy Commercial Finance specialists broker network. One of Pete’s clients approached him with the information that a business partner, who operated in the leisure and construction sector, had just gone bust and that he would be interested in buying the new start phoenix business out of administration.
That was the good news. The bad news was that the deal needed to be completed quickly, but when, on Friday 26th February, he had approached his bank to discuss finance he was informed that the earliest the bank could see him was Monday 14th March.
Two weeks to arrange a meeting???
Because Pete had previously arranged some asset finance for the prospective buyer he contacted him to see whether Pete could help him out of this difficulty.
This then is the incredible timeline that proves just how quickly Synergy Commercial Finance specialists are able to operate.
Monday 29th February. Pete Lloyd spoke to Lee Hayes at Close Brothers Invoice Finance to explain the situation. That same day Lee called the prospective buyer and provided a summary of terms. These were agreed the following day.
Thursday 3rd March. A survey on the ‘Oldco’ business was conducted.
Friday 4th March. The survey report was received by Close.
Monday 7th March. A proposal was submitted by Close and was approved by the prospective buyer that same day.
Tuesday 8th March. The documents were posted to the prospective buyer and Lee went to see him that afternoon.
Wednesday 9th March. The Close Client Manager went to meet the prospective buyer, the proposal was agreed and the documents were returned.
Friday 11th March. The deal – a £250K Factoring Facility with Bad Debt Protection was paid out in time for the ‘Newco’ to pay employees wages and ensure the survival of the company.
That was it. Deal discussed, agreed, signed, sealed and delivered all within a matter of ten working days – a full three days faster than the bank needed to even arrange a meeting!
Hopefully the ‘Newco’ will now be in a good position to continue in business and to prosper.
Thanks to the Synergy Commercial Finance broker network:
- A business was saved.
- Jobs were saved
- Wages were paid.
- Our broker’s client was delighted.
- Our funding partner was delighted.
- Our broker network member was delighted.
And so were we … because it once again proved how efficient and effective the Synergy Commercial Finance broker network, our unbeatable funding facilities and our support organisation really is.
If you have a finance problem that needs resolving fast, or if you are a broker and you would like to discuss how Synergy support can make a crucial difference (without having to lose your independence or identity) then please call us on 01904 481 786, email us at: email@example.com or use the online message form on our Contact page.