A firm of accountants in Norwich approached BFS to help a client who, together with some members of his family, runs a well-established limousine business. The fleet of cars is “refreshed” at regular intervals and the business required short term funding to facilitate the most recent set of new car leases. The client’s bank was not prepared to assist due to a downturn in trade over the last 2 years submitted accounts.
In addition, the client had an outstanding July tax payment balance due to HMRC, which needed to be cleared.
A member of the borrower’s family lived in and owned an unencumbered residential property that was no longer suited to her needs and she was looking to sell. BFS agreed to assist and advanced the funds secured against the residential property, the sale of which will provide the exit.
Commitment to service and understanding our borrowers’ requirements and circumstances, underpins BFS’s personal approach to our clients requirements, and the loan completed within 20 days.