When a client needed an urgent £1 million loan, Reparo was able to close this complex deal in just seven days. The client was a clothing wholesaler that sells to well-known retailers. When a sale with a retailer fell through in the run-up to Christmas, the client was left with £1 million of stock that it needed to sell.
knew that the stock would eventually be sold, it needed the cash as quickly as
possible so that it could continue to pay creditors and staff wages. Since it
needed the money urgently, a long-winded bank loan application wasn’t an
option. However, Reparo was able to meet the client’s tight deadline and approve
the loan quickly. Here’s how we did it.
Establishing a Relationship with the Client
Upon the client contacting Reparo for help, we visited the business and met the owners so that we could understand their specific situation and needs. We could see that they were a well-established business needing a loan to get them through a difficult period. We quickly assessed the case and were comfortable moving forward.
With traditional lenders, valuing the asset used for security and drawing up paperwork can often take a long time. However, Reparo’s close relationship with trusted valuers and solicitors meant that we were able to speed up this process and get everything moving.
Working Closely with our Credit Committee
Our credit committee is not centralised at a distant HQ as with many traditional lenders; instead it sits within the business itself and is in constant contact with the rest of the team. It has the flexibility to meet and make decisions whenever the need arises, which is particularly important with urgent loans like this one.
Maintaining Constant Communication with Both the Client and Key Stakeholders
At Reparo, we know that building trust and strong relationships is critical to getting deals completed successfully. This includes liaising with other lenders and stakeholders to ensure that everything moves quickly and everyone is happy.
We communicated with the client throughout the whole process, making sure they were comfortable with what was happening. Our process is transparent and jargon free, and we are always on hand to answer any questions our clients may have.
Project Management and Tight Processes
We put a lot of emphasis on strong project management and tight processes. Our years of experience with deals of this level and urgency mean that we can foresee any potential issues and deal with them before they happen. Our team is proactive and we are always pushing forward to get deals completed as quickly as we can.
Flexibility and Responsible Lending
We’re flexible with loan terms—if the client can demonstrate affordability and a sensible repayment plan our agreements can show flexibility. In addition, our terms are transparent and we ask every client to seek independent legal advice before signing a loan. As a responsible lender it’s important to ensure that clients understand what they’re getting into.
Sharon Bryden, Operations Director at Reparo, said of the deal: “We were delighted to be able to approve this loan so quickly and keep everything running smoothly for the client. At Reparo we’re able to close deals within such short timeframes because the whole team commits to getting the job done. We have strong processes and are always willing to go the extra mile for our clients—it’s all hands on deck when we need to complete a deal.” To discuss a loan for your company, get in touch with one of the team at firstname.lastname@example.org or on 0161 451 5710 .