£500k CNC refinancing helps engineering company to grow
A long established engineering company was introduced to us by one of our supporting brokers, who specialises in this sector. His customer was looking to reduce their monthly outgoings in order to manage a number of recently secured large contracts, plus inject funds into the business to improve its cash flow requirements in view of its increased order book.
To facilitate this, a number of CNC machines, currently financed by other funders, would be refinanced over a further five year period, saving the customer over £12k per month. All of the existing finance settled by United Trust Bank and additional funds raised were to be invested back into the business.
To assist with the credit process, one of our senior Credit Managers carried out a joint site visit with the introducing broker to get a better understanding, first hand, of the customers’ business
Following a successful third party valuation, the transaction was swiftly approved by credit committee, with all documentation signed, after a satisfactory asset inspection of the machines, by
our broker and our local Business Development Manager.
Funds were then quickly released to settle a number of other funders within a tight deadline, and the remaining funds injected into the business to ensure that the company’s new contracts could
continue without delay.
Loan Amount: £500,000