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About The Client
An existing customer approached us to enquire about borrowing around £50,000 to help with the purchase of another nearby farm that had come on the market. Our customer had successfully operated their current farm for many years, where they had expanded and diversified into egg production. This side of their business was growing rapidly, and they recognised the potential in consolidating both farms to work together. With the extra space and buildings, they could intensify their egg production to meet the ever-increasing demand from their own customers. They obtained a mortgage to purchase the farm; however, they needed a further £50K to finish off the project. The finance was needed to in order to make small, but significant infrastructure changes to the layout of the farms to enable them to work more efficiently together.
Objectives
Our customer was already working 24/7 to fulfil their own clients' large ongoing orders, so they really needed the finance to go through with the minimal amount of fuss and disruption to their lives. Our objective was to arrange the £50K unsecured loan as a matter of urgency, in order for them to quickly make the necessary changes to the layout of the farms and to tweak their production processes, enabling both farms to work together more efficiently.
How We Helped
We immediately spoke to the client at length, liaising with their accountant to obtain all the necessary background and financial information required to present a business case to Funding Circle. The customer already had an existing loan with Funding Circle, which was nearing conclusion; they requested that this loan was consolidated with the proposed loan and spread over an increased 5-year term to assist business cashflow.
Funding Circle approved our proposal within 48 hours, and the deal was paid out within 7 days of the clients’ initial enquiry; they were obviously delighted with this outcome! We are pleased to say that they have now successfully integrated both farms, and the egg orders continue to flood in!
Mulberry Asset Finance are proud to be a Funding Circle Business Champion.
