In this case, we were approached by a high-net-worth individual with several businesses and business ventures. The client was looking to pay off some personal liabilities and wanted to raise capital urgently using a limited company to access an unsecured business loan.
The client needed to raise capital exceptionally quickly – they approached us on a Monday, and the whole transaction needed to be completed by Friday of the same week at the latest. If the client did not have the capital by their deadline, they would have been very seriously affected: an important life event would not have been able to go ahead, as well as other repercussions.
Understanding the urgency of the request, we approached lenders that could provide same-day terms and that we knew could start the due diligence process immediately once the client had decided on the offer they wanted. As well as the exceptionally short timeline, we had to approach lenders that could still consider offering a loan even though the client had multiple missed payments on his credit report. We, therefore, had to present the client’s case carefully to lenders to make the loan possible – especially at such short notice and given the loan was unsecured.
We explained the offers to the client and, when they decided on the product they wanted to go with, asked the lender to start the due diligence process immediately to keep timelines as short as possible. We were able to complete the deal very quickly, and the day after the client initially contacted us, they could draw down a loan of £100,000 to meet their capital requirement.