A Nottinghamshire based Civil Engineering company approached Genie Lending seeking £50,000 of unsecured business finance to fund their expansion plans.
Formed just 20 months previously, they had outgrown their offices and desperately needed more space and simultaneously had the opportunity to acquire new machinery. The short trading history had resulted in a bank decline for their development funding even though the first year had resulted in a reasonable profit and the management information for the second year was encouraging.
What Happened Next?
After initial consultation with the company directors and having established the financial position of the company, Genie Lending was able to structure funding of £50,000 over 4 years on an unsecured basis, requiring only personal guarantees from the directors.
Having spoken to the client for the first time on 29th October, the client was in funds on 20th November, 17 working days from start to finish! They are moving into their new offices on 1st December and the order has been placed for their new kit.