£300,000 Unsecured Business Loan in 7 Days!

In this week’s blog, I’m sharing a case history of a deal we completed a couple of weeks ago.

If you’re a business owner needing to raise finance, this deal is worthy of note for two main reasons:

1. We raised business finance on an unsecured basis
2. We completed the deal from start to finish in 7 days

Here’s what happened.

Our client is a very successful IFA firm who was looking to raise additional funds to assist with their expansion plans.

After a detailed discussion with the client, we were asked to approach our lenders for an unsecured business loan of £300,000.

The client gave us his instructions on a Monday morning. That same day we outlined to our client exactly what our requirements would be in order to make a formal loan application to our lenders. This included a full background on the company, details of what the loan was being used for, the latest set of accounts for the business along with the last 3 months business bank statements.

Our client acted quickly and provided all the information we needed within a matter of hours on the Monday afternoon. Having checked all the information we formally submitted the loan application that same day.

Having reviewed the loan application, it was sent up to the lenders credit committee for formal approval which we received on Tuesday afternoon.

On the Wednesday, we received all the formal loan documentation from the lender along with all the other forms and documents that needed to be signed, executed and witnessed.

We arranged to meet with our client the next day, and so on the Thursday morning, met with the client and went through all the loan documentation, prior to him signing and executing all the paperwork.

The executed loan documents were returned to the lender on Thursday afternoon and during Friday were checked, processed and the deal was set up for completion on Monday.

Sure enough, on Monday morning funds were released directly into the client’s business bank account – deal done!

Needless to say, the client was delighted.

So, in summary:

• Monday morning – client instructs us to arrange unsecured finance of £300,000
• Monday afternoon – we received all the information from the client
• Monday afternoon – we submitted a formal loan application to our lenders
• Tuesday afternoon – confirmation from the lender that the deal has been approved
• Wednesday – we receive all the loan documentation from the lender
• Thursday morning – we meet the client to sign and execute the loan documents
• Thursday afternoon – we return all the executed paperwork to the lender
• Friday – lender checks and processes all the paperwork
• Monday – FUNDS RELEASED!

In terms of the information the client had to supply:

1. Proof of ID – copy of their passport
2. Proof of residency – copy of a utility bill less than 3 months old
3. Copy of the latest audited accounts for the business
4. Copies of the last 3 months business bank statements

We then put the deal together, made the application and a week later the client received their funds. An unsecured business loan of £300,000 in 7 days flat!!

If you think your business could benefit from an injection of funds for any of the following:

• Expansion
• Marketing
• Consolidation
• Cash flow
• Because your own bank has said no…..

Why not contact us and see how we can help you raise an unsecured business loan.

Call us on 020 8949 2122 or email us at: keith.park@fundingtrack.com.

Let’s see how we can help you.