The Client:
Our client’s family-owned business has been in existence for over 50 years. They started out as suppliers of young hens to the egg laying industry, and then later evolved into a manufacturer of various poultry and agricultural specialist equipment.
Like many businesses UK-wide, the client needed assistance with cash flow so they can focus on returning the business to profit following a challenging period due to the Covid19 Pandemic. The client needed to refinance the existing lender (£825k), and release equity for working capital (£425k). This client is a returning client, you can read about a previous deal we completed for them here.
The Deal:
After initial enquiry, Goodman Corporate Finance determined Ortus Secured Finance to be the perfect lender for this client’s business requirements. We have worked with Ortus before and always find the process of dealing with this lender to be straightforward and fast-moving, this is crucial for delivering the best experience for our valued client.
The gross loan amount for this client stood at £1,357,564, with the net loan amount sitting at £1,250,000. The term is for 18 months with an interest rate of 0.65%.
Success!
Ortus and Goodman Corporate Finance worked together tirelessly to ensure the deal went through for the returning client. By working together this lender-broker team managed to successfully help a business with an established trading history through a challenging period due to the impact of the Covid19 Pandemic. Our client was provided with resources to plug a gap in cashflow so they can find their feet again and trade long into the future!
Quotes:
Our Group Sales Director, Stefan Radymski, commented that: “As always, it’s a pleasure working with Ortus Secured Finance. They are simple to work with, straightforward, and commercial in their approach. Our client required a speedy underwrite, and David Foster and his Team delivered an outstanding offer in very fast time. Thank you for supporting our now mutual client!”
David Foster, Ortus Associate Director, Lending, stated: “It was great working with the team at Goodman Corporate Finance on another transaction. There were a few bumps in the road as to be expected with bridging, but these were dealt with seamlessly by Goodman showing the importance of strong collaboration between lender and broker. It is always great to support UK businesses especially throughout these last two years when it has mattered most and so it’s really encouraging to know that our efforts have helped this business with the cashflow they need to help them through a challenging period and wish them every success for the future.”