unsecured working capital, Bespoke Finance Solution, working capital trade, unsecured business finance, debt forgiveness, adverse credit, development loan project, Quick Unsecured Loan, development finance, Urgent Unsecured Business Loan

Urgent assistance to redeem an outstanding debt

A client who Genie Lending had previously assisted with a commercial property loan two years ago, approached us for urgent assistance with one of her trading businesses.

Since we had last spoken, she had acquired (18 months previously) a wholesale butchery business and now sought our assistance as their working capital provider. A subsidiary of a clearing bank, had withdrawn from the market giving the client only 30 days to redeem the outstanding debt and structure a replacement working capital facility amounting to £40K.

There were challenges attached, not least of which the fact that, due to a temporary cashflow glitch in July, the direct debit for that facility had been returned unpaid and, whilst the last filed accounts were available, the company does not produce management accounts.

A strong case was, however, made to trusted lenders and Genie was able to deliver a revolving credit facility of £15K together with a 36 month loan both at a keen rate of interest with no security beyond the director’s personal guarantee.

The company could, therefore, redeem the existing debt and benefit from a facility as flexible as the previous one without the reporting requirements that the clearing bank funder needed. The added advantage of the debenture security, previously required to support the director’s personal guarantee, being released just added to the upsides.

Whilst Genie Lending provide business finance, we also endeavour to go beyond our remit and obtain the best possible outcome to benefit our clients. In this case, we not only obtained competitive funding, we also improved their financial situation!

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.