Ross Hyde
Spec
| Industry area | Loan amount | Turnaround |
| Construction | £15k | 2 weeks |
Situation
My client, a damp proofing contractor are a family run business in Cornwall, that have been operating for many years. They were in the process of moving to new premises, on a farm site, and needed to upgrade the roof on the building that they would be using for their offices. Their financial situation was such that they could afford to make the repairs, but doing so would eat into their bank balance.
Strategy
These clients know that a healthy bank balance allows them to be prepared for unexpected expenses, cost overruns, or late payments from their customers. They were not prepared to sink all their cash reserves into the property, and leave themselves vulnerable in this way, so they approached me to secure them a loan that would allow them to maintain their financial buffer.
Solution
I approached my suite of lenders, and found my clients a loan for £15k, with affordable repayments over three years. In this case, the repayments were actually lower for them, going through Shore, than had they gone direct to the lender!
They already had a local contractor in mind, so once the loan was secured, the work was able to begin within two weeks. My clients were happy with the arrangements, allowing them to factor this cost into their expenditure, and be confident that they won’t be paying for emergency roof repairs for a long time.
