Mike Parkinson from Reach Commercial Finance explains how the team negotiated an affordable business loan for a specialist flooring company
At Reach Commercial Finance, we deal with all kinds of companies from across the UK and were introduced to a Redditch-based flooring business recently by an accountancy practice.
The company specialises in the design and installation of commercial floor coverings using a range of innovative, bespoke tile, resin or hardwood solutions.
They are a long-established company in the Worcestershire area and work across all sectors installing high quality, hard-wearing floors for clients in any type of property – from corporate headquarters, factories and hotels to schools and shops.
We met the company director to discuss a 12 month business loan to help with cash flow and to pay off an existing loan.
We talked to her about the purposes for the commercial loan in some depth – taking into account the company’s excellent credit rating – before making a recommendation on how to tackle the cash flow and existing loan challenges.
We advised that they looked at options to put in place an unsecured loan for a larger amount than they had originally intended, which offered a more manageable monthly rate of interest.
We worked with a peer to peer lender to get the loan in place within two weeks of the initial enquiry.
This was a remarkably fast turnaround, again mainly based on how well the business was credit rated, which made it fairly smooth running from the off. Half the advance was used for cash flow, the rest to pay off the existing loan commitment.
“When we approached Reach Commercial Finance for a business loan we found them to be excellent. The team was efficient, quick, helpful and gave us great advice, just when we needed it, to guide us to the right decision. We would highly recommend them.”
Director, Flooring Co
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