A well established broker introduced us to an experienced bus operator who was looking to substantially reduce their reliance on their bank overdraft and also reduce their monthly finance commitments going forward.
To achieve this, a number of used buses were refinanced over a five year term with a small balloon payment, and the existing finance settled. The business was long established with substantial backing and, although the books showed historic losses, there was sufficient evidence that, with our support, the business could move forward with confidence.
Valuations and inspections were swiftly carried out to ensure that our advance of nearly £700,000 was in line with trade figures, an acceptance was issued to enable our broker to secure the transaction, and the deal was signed and paid out within a short timeframe.