Ross Hyde
Spec
| Industry area | Loan amount | Turnaround |
| Waste removal | £44k | 1 week (with 3 weeks delivery) |
Situation
My clients are a father and son team, with a brand new business offering contracted waste removal services in the Essex area. Having many years of industry experience and an excellent network, they won a contract almost immediately, offering 24-hour emergency waste removal and drain clearance services. They purchased three waste removal tankers with their own savings to begin with, but it became apparent within a few weeks that they urgently needed a fourth vehicle. While they had a deposit, they believed it was going to be very difficult to get a loan due to their circumstances. Neither are homeowners, their business had no track record, and the lorry they wished to purchase was from a dealer, second-hand. All these are challenging attributes, for regular lenders.
Strategy
My clients contacted several finance brokers, and while several emailed them back with questions, at Shore Asset Finance, we do things differently. I called them straight away, and had a real conversation, getting to know them and their business. Due to the tight timescale, I was unable to visit them in person, which is my normal practice, however, they felt comfortable with me, and asked me to proceed.
Solution
With my extensive knowledge of the industry, and experience handling out-of-the-ordinary requests, I knew which of my connections would be likely to be open to lending under these conditions. Therefore I was able to secure a loan for my clients based on the solid foundations of the new contract, and earning potential of the vehicle. From their current contract, they stand to earn the loan repayment amount within the first few days of each month, which the lender was happy to accept. My clients’ contractor is happy to work with them to ensure they have the cash flow to fulfil the loan payments, and keen to see them succeed.
We agreed terms for a loan over three years, within a week of my clients first contacting Shore Asset Finance, and the vehicle was delivered around three weeks after that.
While speaking with the lender, and with permission from my clients, we also agreed loan terms for a further vehicle in the future, which will help to support the future growth of the business without delay.
My clients are delighted. They believed that accessing asset finance would be difficult, so to have found a broker who not only obtained a facility for them, but has a future facility already lined up, is more than they could have hoped for.
