A long standing client of Start Point Finance had paid down the majority of the value on a large piece of machinery. They wanted to raise money to settle the outstanding amount, and raise more against the equipment.
However, the difficulty came when Start Point Finance tried to find funders to do this, as the equipment had been in situ the funders viewed the deal as refinancing, and valued the equipment at too low a price.
Thankfully Asset Advantage saw it differently. By taking a different approach to funding, we were able to understand the business as a whole, see the bigger picture, and agree the funding they needed.
Philip Knight, Head of Credit and Risk, came to tour the factory, meet the directors and see the impressive machinery in action.
This was a complex deal, with several elements, which the broker then raced against the clock to pull together before the Bank of England rate increase.
He gives special praise to the Asset Advantage New Business team for being extremely efficient with the documentation, to ensure the whole deal was completed before the Bank of England rate increase came into effect.
The elements which made a difference on this deal were the personal and considered approach by Philip Knight, in visiting the business and meeting with the directors to fully understand their requirements; and the efficiency and responsiveness of the new business team, which enabled the deal to be completed swiftly.