£50k refinance for a scaffolding business using the poles, boards, ladders etc as the security.
This is a highly unusual type of asset but the partners needed to put the funds in to the business to pay an urgent tax bill. They couldn’t find any other route to raise the funds needed but, with a bit of work and negotiation, we found a funder who was willing to take it on. A great result for all concerned.
Funeral cars costing circa £300k funded with a 10% deposit over 5 yrs.
Interestingly, we managed to fund these vehicles on a variable rate with the option to drop into a fixed rate at anytime. This saved the client nearly £200 per month on his rentals
Assisted a local transport business with the renewal of his vehicle operators licence by providing a short term bridging loan over his personal residence.
The Traffic Commissioner requires transport companies to demonstrate that the business has access to sufficient working capital dependent upon the size of the fleet. By providing this facility the business was able to comply with the requirements and renew the operators licence before repaying the bridging loan.
Funding for a new Chin Fong Press and Agie Wire Eroder to a Black Country engineering business.
The lend of £222k was funded off balance sheet via an operating lease facility with the funder taking residual risk in the assets. This proved extremely helpful in enabling the business to comply with their gearing covenants with their bankers.
Refinance of a mid-life coach to raise £16K to fund a pre-engineered steel building and its installation to be used as a workshop.
Sole trader, non-home owner, buying new coach where the manufacturer was not approved by most UK finance houses.
Crystal sourced a specialist lender who agreed to finance the new coach but with a 30% deposit which Crystal raised with another lender by re-financing another coach –
2 problems solved, happy customer!
A new start company supplying replacement taxi’s to the cab industry when a vehicle is involved in an accident – very specialized industry.
1 director, non-home owner, requirement for 19 cars. Facilities secured for all 19 cars with various funders with minimum deposits. Additional security taken by way of a personal guarantee from a property owning family member, but without a charge on property.
A struggling coach hire company needed 2 replacement vehicles for a current school contract.
He sourced the vehicles but they were of American manufacture and not desirable to any UK funder. We introduced the client to a dealer with whom we have a very good relationship – the dealer was able to supply the same vehicles to the client and a specialist funder provided a facility with a repurchase undertaking from the dealer to remarket the vehicles should a distress situation subsequently arise.
Established business required a capital injection, they had a suitable asset with equity to raise £100k, the funder could only offer a sale and leaseback facility but due to the Tax Written Down value of the asset the funder could only raise £75k (the TWDV) leaving a £25k shortfall.
Crystal were able to involve a reputable dealer, the client sold the vehicle to the dealer and the dealer raised an invoice for the £100k to the funder, avoiding the problem with the TWDV. The funder then settled the invoices directly with the client, releasing the full £100k. this was only viable due to Crystal’s strong relationship with the dealer.
New start company (January 2010) – previous business was wound up in October 2009, following 8 years of trading.
They “dumped” some £150k of crown debt in the course of this receivership. Crystal was approached to fund new catering equipment. Whilst bank statements were modest, and we only had projected figures from their accountants, Crystal was able to secure £94k of funding.