Find Out How Sorbus Finance Secured a £300000 Business Loan To Facilitate A Client’s Growth Journey.
Our team at Sorbus Finance believe strongly in finding the right solution for our clients, whether they are looking to fund asset purchases, find the right terms loan or consolidate existing facilities. For one of our existing customers, they were looking to drive forwards the growth of their business by utilising a £300,000 business loan to expand their ability to hold stock and increase their purchasing power in the market.
By utilising the extra funds, the business is able to increase it’s margin on two of it’s core products, driving a margin increase of 35% and cutting out an existing link in the supply chain.
The task for our team was to find a solution at a competitive interest rate over a 60 month term and deliver results. As our team have access to one of the UK’s biggest lending panels through The MBN we were able to place this competitively in the market and work on behalf of our client to drive down borrowing costs.
As our team have a wealth of experience, we worked on behalf of our client to develop a professional and polished finance application that fairly represented the hard work they have put into their business. For all of our clients, our team analyse financial statements, the companies growth journey and their key objectives, then present this information to suitable lenders to maximise the opportunity of credit acceptances.
How Long Did It Take To Deliver The Facility?
From application to credit acceptance, our lender partner was able to approve this within 72 hours of the application being sent to them. Our team liaise with out clients to ensure they know exactly what they’ll need to support their application and then take a one time approach with the lender upon submission to make the application quicker and cleaner.
Once the credit acceptance was in place, the lender was able to produce the documentation within 24 hours and release the funds to the client 24 hours later.
From submitting an application to receiving funds, the total journey was 5 working days. Whilst some high street banks can take up to two weeks to achieve the same results (Which we’ll cover the advantages of on our blog page shortly!) our lender partners ability to turn this around quicker meant our client could take advantage of the lending quickly and make a move in their market.
Was This A Flexible Lending Option?
This facility that we delivered to our client had the option to settle the agreement early at any point! No exit fees or early termination fees.
What Lending Options Are Available?
Business loans are often defined into two categories : Unsecured and Secured. Unsecured business loans are typically available from £5,000 – £500,000 whilst secured business loans are available from £25,000 to £5M. Getting the right facility is important and there are key considerations to keep in mind. Secured business loans can often deliver cheaper borrowing rates as the lending is secured against a property, however you also need to factor in legal fees.
Unsecured business loans on the other hand are not fixed against assets, however, lenders may ask for Personal Guarantees or Debentures for larger loans.
Is My Business Eligible For A Business Loan?
All business loan applications are review by our team on their own merit. Whether your business is 3 months old or a multi-million pound business, our team have the right experience to ensure you are properly cared for. Speak to our team today and find out the options that may be available to you. Our Business Loan products can support with:
- HMRC Payments / Tax Financing
- Business Loans From 3 Months – 6 Years
- Seasonal Demand Business Loans
- Consolidating Existing Loans
Tel: 01246 383500
Email: Hello@sorbusfinance.co.uk
