How We Helped a Business Customer Without Using His Property
A client in the construction industry needed urgent finance to support cash flow to help bridge the gap in account receivables to eliminate downtime and loss of income between projects. Unfortunately, due to unforeseen circumstances within the industry, the construction company struggled to secure partial payments for upcoming jobs, stopping them from purchasing required materials & equipment to begin construction and with Christmas creeping up, he was looking for an injection of $250,000 over a 12 month period, the funding was to allow them comfortably finish construction of existing jobs, as well as begin the wave of new projects.
With around $3.4m in revenue over the previous financial year, and close to $485k in average monthly inflows, their finances proved to be quite good. Due to an existing credit facility and outstanding funds owed for jobs completed, our risk assessment indicated that a line of credit for $150,000 would be the amount required for the company to overcome their short-term troubles, of which we organised without the need of any financials / BAS Statement or any security, this was possible in the most simplest way, just by offering access to his business account we managed to organise this funding in less than 24 hours with $150 K credited to their business account. No financials or filling any lengthy forms, al this was accomplished for our construction company to proceed ahead with their planning & without having to stop existing project & continue with their normal work, with the biggest advantage of only paying interest on credit amount used.
It is a great feeling to help businesses who get struck between payment receivable cycles or during unforeseen circumstances with business funding from $20 K to $400 K available in the shortest possible time, with very less formality & with no security for terms less than 12 months.
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