The company was in need of finance to repay an outstanding loan of £40,000 and also to clear the £45,000 of HMRC tax arrears which the business had accrued. The company owned a property valued at £1.5m which had an outstanding commercial mortgage of £370,000 secured against it. The bank agreed for the valuation to be made available to potential lenders in order to help with the application for further funding.
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Within a week, we had successfully received offers from three different lenders.
The provider which was eventually chosen, offered a loan of £105,000 to be paid back over a 12 month period with the interest rolled up for the first 6 months.
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