One of our supporting brokers introduced us to a well-established coach operator looking to refinance existing loans and develop their fleet. The company had been in business for many years as a sole trader but recently became a limited company formed when the original proprietor was joined by additional experienced directors/investors, who operated other well established coach businesses.
The proposal was originally agreed for the re-finance of three balloon payments which the customer had on finance with two other funders. These were due for payment shortly and the values of the vehicles exceeded the amount owed following our own valuation.
In addition to the balloon re-finances, the customer was also planning to purchase two new coaches as part of a larger development of the business.
Following further discussions with our broker, we were able to agree £350,000 funding for one of the new coaches and two of the balloon payments, using the equity in the balloon re-finance to offset the potential exposure on the new coach. This enabled the broker to complete the entire transaction with the assistance of another funder for the remaining two vehicles.
Loan amount – £350,000