Their client was a successful, very profitable fabrication business.
The bank had provided an overdraft facility and equipment finance. The client was looking to bring on more employees and increase purchase orders. However the client wanted to free up their personal property portfolio.
The bank offered to increase the existing overdraft facility as the client’s property security was strong.
The accountant implemented the equipment finance and lease back freeing up cash.
The overdraft was paid out and the facility retained but unused at this time.
Supplier funding with tim. using Accelerator and a flexible funding draw.
The total cost to the business all up 6% pa plus a significantly improved net cash flow position.
LIMITED RECOURSE and NO PROPERTY security required.
What the accountant said “you think you know how things work and we thought initially the bank was the best option. Well we have learnt something knew, and luckily my client asked us to look at the tim. solution which had been provided.