Business Finance in 3 Days!

In this week’s blog, I thought I would share a case history of a deal which completed only this week.

The significance of the deal is that we arranged it from start to finish in only 3 days.

Here’s what happened.

Our client was a consultancy firm who approached us last Friday. They were looking to repay an existing short-term business loan which had been secured by way of a charge on the directors’ house.

In addition, our client was looking for further funds to inject into the company to help fund a new marketing campaign and also provide working capital to assist with taking on an additional member of staff.

As a result, the client was looking for a loan of £85,000 as an unsecured business loan and had approached us asking if we could help.

We said that yes, we could help, and outlined to the client the information we would require in order to make a formal application for finance.

Our requirements were for some background on the client’s company, together with a copy of their latest accounts in addition to which we also needed the last 3 months bank statements for the business account.

Having explained our requirements to the client last Friday afternoon, the information we requested came in over the weekend, which meant that first thing Monday morning we could collate all the information, check it and then put the application together and send it in to our preferred lender.

We received approval for the loan late on Monday afternoon.

Then on the Tuesday morning, we received the formal loan documentation along with all the other forms and documents that needed to be signed, executed and witnessed.

We arranged to meet with our client on Tuesday afternoon to get all the paperwork signed and executed.

Having done that, all the paperwork was emailed back to the lender for processing. Importantly, the lender we were dealing with worked off email copies rather than needing original documentation which of course saved a considerable amount of time.

This meant that by first thing Wednesday morning, the lender had checked and processed all the signed documents and had confirmed that they were happy to proceed to completion. As a result, the funds were released into the system late on Wednesday morning.

With a 24-hour time scale until funds are received, this meant that the client would receive their funds on Thursday morning.

Sure enough, our client called us at 9.30am on Thursday morning to let us know that they had received the funds. Needless to say, they were delighted.

So, from Monday morning when we made the formal application to our lenders, to our client receiving the funds into their bank account on the Thursday morning – 3 days!

Deal done! We had arranged and successfully completed an unsecured business loan from start to finish in 3 days.

And all the client had to provide was proof of ID in the form of a copy of their passport, proof of residency – a utility bill was sufficient, together with their latest accounts and their last 3 months business bank statements.

We put the deal together, made the application and 3 days later the client received their funds. One very happy business owner.

• Is lack of funds holding back the growth of your business?
• Do you need to pay an urgent bill?
• Has your own bank declined to assist?
• Do you need a business loan in “double-quick” time?

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.