We were contacted to help source finance for a farming business.
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.
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.
“ With mounting tax arrears which needed to be cleared, the directors of this farming business sought our advice regarding company funding. The significant amount of equity in the company-owned property helped enormously with securing a loan with competitive terms. ”Karl Hodson, Director
17th April 2019
HMRC applied to see more than 4,000 UK companies closed down over the course of 2018 and is being too aggressive in its pursuit of tax-related debts.Read More
12th April 2019
British high streets saw the sharpest rate of net store closures on record over the course of last year, according to a new set of figures.Read More