Financing a ‘Top 50’ accountancy firm
For nearly any firm, large periodic obligations will have an impact on their available working capital. For any successful partnership those funds due to HMRC in January for tax can be the most significant of the year and often follow a period of reduced collections. All our accredited professional lending brokers are well aware of the increased opportunity that the requirement for short term funding brings to their business in the month of January, and for one of our introducers, January was an exceptional start for them.
A top 50 accountancy firm that had for a long period of time provided introductions to the broker for financial services asked them about potential funding for themselves as a means of settling a large tax bill for the partners. Following a strong 12 month performance this firm needed to secure a £600k loan over 6 months with minimal fuss and a competitive rate.
As UTB are a specialist professions lender, we were able to swiftly offer the client an acceptance via their broker, ensuring that the rate provided enabled the broker to remain competitive against their competitors and the firm’s bank.
The client and the broker are anticipating renewing their partner tax facilities in July when there next payment will fall due. In the meantime the broker can discuss with their client the other working capital facilities that they’ll be able to provide with the support of UTB.