Ross Hyde
Categories:
Food production, retail, asset finance
Spec
| Industry area | Loan amount | Turnaround |
| Food Production and Retail | £60,000 | 2 weeks |
Situation
My client is a longstanding bakery business, based in South Devon. They operate out of more than a dozen locations, and have a fleet of vehicles to ensure that stock levels are maintained in their shops. They had recently needed to make some updates to equipment, across several locations, which had been initially completed using the business’s cashflow. However they needed to reimburse this, in order to maintain a safe account balance in their business. They also needed a new vehicle, to handle an increase in deliveries, both to their own locations and other wholesale customers.
Strategy
My clients needed a speedy turnaround, and two separate loans arranging, to accommodate the vehicle, and the equipment refinancing. We discussed the different requirements for these, and the amount they were comfortable with, for repayments. I approached my portfolio of lenders to see where the best deals would be, allowing my clients to have sustainable repayments and swift access to the money to capitalise on a great deal they had been offered for the new van.
Solution
After talking extensively to the client to determine their needs, I arranged for a loan of £30,000 to refinance the equipment purchase, to be repaid across three years. And working with two different lenders, also another loan of £30,000, repayable across four years, to finance the van. My client had their eye on a brand-new Mercedes Vito van, and were able to make this purchase quickly, to get to the signwriters and on the road promptly. The combined loan repayments are manageable for my client, and they are delighted with the service provided.
They had this to say:
Fantastic Service Ross was fantastic from start to finish. He understood the business and funding requirements, sourced what we needed at the best rates on the market and secured funding quickly. Communication was great throughout the process and we will certainly be using Ross for all our funding needs in the future.
