£1 Million CBILS Refinance Fuels Expansion Plans
The Background
Haydock Broker Relationship Manager, Eleanor Russell-Blackburn, was contacted by valued partner Midlands Asset Finance with a proposal to assist a well-established bulk excavator/contracting firm with their development plans during the pandemic.
As an accredited partner for the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS) within Asset Finance, we are able to offer SMEs impacted by the pandemic, interest free repayments for 12 months on a refinance agreement.
The Challenge
The client wished to release the equity held in their commercial vehicles to fund a strategic growth opportunity and required a speedy valuation on a number of different assets.
The Solution
By using one of our industry experts, Wye Commercials, to extensively research the value of the vehicles, we were able to move quickly with accurate valuations. The pandemic had impacted the client's business, so the Haydock team worked with Midlands Asset Finance’s Director of Construction Asset Finance, Gary Burns on a CBILS refinance solution.
The Result
£1 million of refinance funding through CBILS providing 12 months of interest free repayments.
I chose Haydock for this deal as they were the right fit for my client and rationale of the refinance. The deal had a deadline date and all of the team at Haydock worked with us at Midlands Asset Finance to ensure we reached the deadline and this also involved taking a commercial view on a few conditions to get the right end result for the client. As always I was delighted with the level of commitment shown by the team at Haydock – including working on a Saturday to get documents ready in time.
Gary Burns
Director of Construction Asset Finance, Midlands Asset Finance
