Mr N G – Lancashire
With an already successful company, Mr G contacted us and advised that the company had been given the opportunity to become a direct distributor for import and redistribution of specialist motor vehicles through third-party Agents. Mr G, alongside two other Directors, needed to raise funds to be able to fulfil the new agreement and start organising shipment of the vehicles from China to the UK. They approached Weston Financial re the best way forward with this new venture.
After speaking at length, it was established that the company was already a distributor for vehicle parts to third-party Agents, once established that they were generating a high income through online card payments it was felt that they would benefit from a Merchant Cash Advance loan in the first instance. The Lender could quickly see what the business was making in card payments on an average month and agreed a loan amount and repayment plan much faster than with other options.
A great solution for businesses that don’t have valuable assets as such but need cash fast. Due to this initial loan the first cargo of vehicles was able to be shipped and, after a few weeks, sold on to Agents. A few months later we were able to assist again, the company had been going from strength to strength and were able to become the only and sole-distributor of the vehicles, but they needed another huge cash injection. This time we were able to facilitate by contacting one of our specialist Lenders that offered not only fast business finance but also tax-efficient finance and refinance agreements for business use only. The £100k plus loan was secured against property and one Director’s classic vehicle and, once paperwork was in order, the company was able to be funded within 72 hours.