Asset Finance for Long Established Logistics Business
22nd February 2024
- Client: Long Established Logistics Business
- Asset: Worth £200,000 +
- Loan Amount: Circa £200,000
In this case, Enness was approached by a logistics business based in the UK. The client has been operating their business since the 1970s.
The client had funding in place from a high street bank, but they were not able to provide them with more funding due to their change in appetite. The client was looking for cost-effective finance at a high leverage.
The main challenges were time frames. The client needed funding within seven days as they had already purchased two high-value assets with cash.
Moving quickly, Enness managed to secure terms from a challenger bank that provided a ‘VAT only’ deposit product. Meaning they would fund 100% of the high-value assets, and the client would only need to pay the VAT. Enness successfully secured terms for the client at a flat rate of 3.88% for approximately three years.
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