Just into their second year of trading, we were approached by a client in the manufacturing industry who needed our advice. The business was rapidly expanding, had outgrown its trading premises and needed additional equipment to keep up with the growing demand. The client had obtained an offer of finance, but this was secured against his personal property which he did not consider a very attractive proposition.
We carried out a full review of the client’s financial position and his future funding requirements. During the review we discovered an overlooked asset which could be used to secure the funding which had already been offered to the client. We identified three options available to the client and each option was explained in simple terms outlining the different benefits of each solution.
The client chose to take up the offer he had already arranged, using the overlooked asset as security. This helped to expedite the loan as it was quicker to arrange than it would have been if the client’s home had been used to secure the loan. This meant that the funds were made available within two weeks.