Sep 21

Fabrication Business Left Frustrated By Existing Bank Approach

Posted: 21 September 2015 by admin

We were introduced by a trusted management accountant source who had an existing client looking to acquire new machinery.

The business had been established for over 20 years with a proven track record and accounts to support. However, their existing bankers would only consider any finance package with personal guarantees and a charge over personal property, even though the business had been loyal to them with no historical issues.

We managed to secure 5 year funding (including a 3 month VAT defer to assist with cash-flow) with no additional security and a simple 10% deposit. The business was delighted that a facility could be in place within a matter of hours through Affinity yet their current bank struggled to put an unacceptable offer together over 3 months.