One of Reparo’s long-standing clients required funds
to complete a development project. The client needed the funds quickly and knew
his bank would not be able to complete the transaction in time.
The funds of
£450,000 were required within ten days; due diligence had to be carried out to
get the money drawn down in time for the deal to complete.
Operations Director Sharon Bryden took the call, she says “it was great to hear from someone who had a good experience with us on
a past deal – this was a tight turnaround but my instinct was that we could get
it completed–there was no time to lose, so
I quickly arranged to meet the client”.
seen hundreds of deals over her 20-year career in asset-based lending, and she felt Reparo could help. This was only because of the
extraordinary expertise, contacts and resilience of the Reparo Team; this is
how they did it:
- A critical first step was for Sharon to visit
the client and understand exactly what
they needed. The first meeting covered a
lot of important information that would
be crucial as the deal progressed: issues like
security, valuations, repayment schedule, legal documents required, loan terms
and contact details for critical third parties.
- Once Sharon had collected and reviewed the key
information she could make a judgement on the deal going ahead. Also, by
collecting the relevant information,
Reparo would have everything they needed to progress the deal from the outset.
- Once satisfied that the proposition made
business sense and was affordable for the client it was time to get the deal done.
- The security for this loan was in the form of a
charge over a commercial property.
- Terms needed to be
agreed with the client. He intends
to repay the loan through the sale of two properties which
are currently on the market, so required
funds on a short-term basis
- Once everything was
agreed in principle, a credit
paper was compiled that outlines the key points of the deal, including the business
case and terms.
- Because the person working on the credit paper
has access to the credit committee during the due diligence process, any objections would have already been considered. Once a credit paper arrives
with the committee it’s normally a case of signing it off; a task that can be completed quickly.
- The loan agreement formalised the contract
between the client and Reparo. The agreements Reparo compile are very straightforward and transparent, nevertheless
in the timeframe of a few days drafting and checking needed to be quick.
- Sharon was monitoring the deal closely and
making sure that if any third parties needed chasing,
then she was on hand to make sure everything went through; at this stage Reparo
take responsibility to deliver.
- To make the
process slicker, it’s necessary for Reparo to use commercially-driven
professional services firms who appreciate and can work within tight time
The deal was completed in time, and the client’s project went ahead. Sharon was pleased to help: “It was gratifying to help this entrepreneur
for a second time; he had a great proposition, but
the traditional system was just too slow for him. We got him the funds really quickly – without our help the deal would probably have fallen
To discuss a loan between
£10,000 and £1m, please get in touch with
one of the team on email@example.com or 0161 451 5714.
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