The business had sold most of their land and wanted to build new premises. However, they were contracted to receive the money from the sale of the land in stage payments – with £3m due in quarterly payments in 2020 and the remaining £1.5m due in 2022.
We arranged for one of our lenders to advance the funds to the customer against the contracts they had in place, helping with their cash flow and funding some of the build costs of their new premises.
Over £3m of asset finance was also done with the business for various new engineering machinery.
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