We were approached by an engineering company looking for asset finance to raise funds against their existing machinery. They had approached us after being told by their bank manager that they would only help subject to a second charge on the family home. The equipment that they wanted to refinance was pretty standard CNC machinery conservatively valued at £100,000 upon which the company needed to raise £30,000.
The company already factored their debts with the same bank’s subsidiary yet they were still unwilling to finance the machinery without severe penalties in the form of additional security. Having approached us it took just over a week for a deal to be done and the funds in the company’s bank account.