Ross Hyde
Spec
| Industry area | Loan amount | Turnaround |
| Motor trade | £14k | 48 hours |
Situation
My client is a garage equipment supplier, based in Devon, and needed to purchase a new van to support the delivery of their equipment to clients across the South West. They had chosen the latest model van in the size they needed, and had a significant deposit lined up, before approaching Shore Asset Finance to find them a loan for the remainder.
Strategy
Many small businesses need support to take the next step in their development, whether that’s a new or upgraded vehicle, machinery, or premises. The loans that are available to businesses via high street lenders can be limited, so the suite of lenders that I can access can offer greater flexibility.
The client had chosen to part fund their purchase, and take out a loan for the rest, allowing them to own their vehicle outright at the soonest possible point, without compromising their business’s cash flow. They needed £14k, and wanted a term of four years, with competitive repayments. They also got tax relief on their purchase by using their Annual Investment Allowances.
Solution
With a significant down-payment in hand, and a lender on board, I processed the paperwork electronically, to ensure that the client was able to make their purchase as soon as possible. They were able to acquire the new van 48 hours after they approached me, and upgrade both their transportation and the image of the company, out on the roads.
