Our software/consulting client had been in business just under eighteen months. They provided software solutions to a Government Department on 60 day terms and developed a security protocol for a shipping and logistics company on 45 day terms.
The combined amounts due to our client was $480,000.00.
The client had retained a range of contractors to complete the projects and required an immediate $300,000.00 advance.
The client had been talking to several on-line unsecured funders and had received offers to fund with rates ranging from 28% pa to 52% pa plus a 2% establishment fee.
The client was referred to tim. by their bank relationship manager, who advised the client that a more cost effective solution may be available.
tim. structured an unsecured fully flexible facility, with an immediate advance of $300,000.00 (24 hrs turnaround to funds reflecting in the clients account). The client loved the fact that NO fees had been levied, no amounts held back from the advance, discreet funding established and a non-recourse solution.
The cost of funding significantly less than the online lenders.
timSecure™ was established for the client specific to the largest debtor (non-government).
Revolving facility established to $500,000.00 pm (no establishment fees, no line fees, no unused facility fees and completely flexible).
- Paid contractors.
- Retained new marketing executive.
- Improved working capital position.
- No property security required.
- Cash flow facility (flexible) to $500K pm.
- 100% flexible.
- No hidden fees, application fees or contracts.
- 100% online via their cloud accounting software.
- A loan or debt solution may not always be your best business funding option.