A manufacturer in the technology industry based in the North West.
Goodman Corporate Finance’s team have always been great communicators; responsive, quick and clear in describing their clients’ funding needs. In this case: the manufacturer required £150k.
After an initial discussion with one of Spotcap’s relationship managers, Group Sales Director, Stefan Radymski, submitted an application through the funder’s portal on the client’s behalf. A review from their team highlighted there were some documents needed to make a thorough credit decision. After a quick phone call with Stefan the necessary documents were uploaded promptly to their portal.
The underwriters approved the case based on the company’s well managed bank account, strong credit bureau score, and year-on-year VAT increases. The client walked away with a fully unsecured £150k –glad that they didn’t need to provide a PG for the loan.
Six repayments later and the manufacturer had contacted Goodman Corporate Finance and Stefan again to look for further funding.
In order to proceed, the funder needed updated documents from the client. These were uploaded swiftly by Stefan and the underwriters could get to work. Being in business for 11 years with a positive cash flow and stable year on year sales meant we were able to offer a £275k top-up for 24 months without a personal guarantee.
Commenting on the deal, Stefan Radymski said: “Spotcap have always thought outside the box, their constantly evolving product allowed us to help a client on two occasions with more options and speed than they expected. It was a smooth process for all involved.”
Helping Stefan to help his client was a great example of how pushing for progress can bring genuine benefits for the broker as well as their client. Spotcap’s £350k loan limit and 24 months duration without the need for a PG offers solutions that were previously unavailable.
Business finance is changing at a rate that surprises even the most familiar players in the industry. In the lifespan of a loan term, a client’s needs can change and a lender’s offering may adapt to match.