Request to fund a legal firm’s tax bill gets a swift decision
As anticipated, July was rather a busy month for us here in Professional Lending. On top of the usual flow of proposals from our introducers, the team was awash with an array of tax-funding requests. For any successful partnership, or LLP, a balancing tax payment to HMRC was due by the end of July, and these payments can often put a strain on the working capital of even the most well managed businesses.
One particular request came from a substantial firm of solicitors which has been recognised by Legal 500 as one of the top firms within their area of law. They had specifically asked that we provide an approval based on the merit of their last set of audited accounts alone. As this was a well-established firm, operating in its sector for over 25 years, was consistently profitable and had some substance to their balance sheet, we were able to provide an approval on the same day without the requirement for any additional security.
All in all, both the client and introducer were very impressed with the swift turnaround from our credit team and the very prompt payment process.
Loan: £250k over 12 months