Deal Type: Working Capital
Loan Amount: £50k
Loan Type: Fast Track
Security: Personal Guarantee with Debenture over the company
Region: West Yorkshire
Reparo provided a loan to a contractor to provide working capital while new terms were agreed for the next phase of a construction project. It’s common for construction projects to be delayed, but this can hurt subcontractors that have budgeted for the revenue.
In this case, the company was working on a long term project with a larger construction company. Due to unforeseen circumstances, the contract for the next phase of works was delayed. This unexpected development left the company short of cash in the typically slow winter period.
The working capital was required quickly, so the business could continue trading without any disruption.
Reparo MD Andrew Ward met the directors and quickly agreed to fund the company through this difficult period. As well as having a strong reputation, the founder was willing to provide a personal guarantee against significant assets and a debenture over the company.
The Reparo team are confident that the business will be on a sure footing within a few months.
Andrew Ward had this to say about the deal:
“Once the business approached us, a meeting was arranged quickly because we knew it was a time-sensitive situation. As soon as I met the director and learned about the business, I felt sure this was a reliable entrepreneur with a good business.
The due diligence process was fast; we were able to ascertain that the director had significant personal assets and was happy to provide them as security.
Once we agreed to back the business, we worked fast to make sure the paperwork was in place so we could complete the deal and the business could carry on without the horrible stress of short-term cash worries.”
If you’re looking for lending options for your client, then choose Reparo. To discuss a loan between £10,000 and £1m, please get in touch with one of the team on sales@reparofinance.co.uk or 0161 451 5710You can find out more about us on our website: www.reparofinance.co.uk