A construction company director approached CFO after being frustrated with his local bank. A bad debt of £33,000 and a problematic contract led to a poor cashflow situation. Whilst this ‘mega bank had promised to government and parliament that it would lend to small businesses, unfortunately the reality was that without any security to offer, the company could not obtain an overdraft or loan.
Having found us online the director asked us to help. CFO quickly sorted out the best available funders and from a short list we introduced him to a fast growing alternative funder.
Their construction finance product was agreed with funding against applications and stage payments the funding facility was up to £70,000. This funder has its own QS team and they keep a close eye on the contracts to ensure that the main contractor and our client work smoothly. Our client company did not have to provide security, but a personal guarantee was given by the directors.