Portfolio – First Business Securities

Deal 3

First Business Securities — Mon, 08 Jul 2019 16:15:40 +0000

We have recently completed a transaction for a taxi firm for a 3rd vehicle.

This was a relatively new start for a director of an existing customer.

The new vehicle was a 9-seater whereas his existing vehicles were 4 seaters so we agreed a 0+ profile with a VAT deferral to enable him to market the new vehicle prior to commencement of payments. The guarantor had a previous failed business – however runs two businesses now successfully and provided bank statements of all to demonstrate.

The vehicle was very competitively priced combined with a relatively short term enabling us to offer the 0+ profile

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Deal 2

First Business Securities — Mon, 08 Jul 2019 16:15:27 +0000

New start flotation centre. Good investment into the business and a lot of cash available behind the business. Running current successful companies.

Strong personal searches on the director and good VR history. Homeowner. Additionally owns 3 properties, each with good equity.

Originally proposed for fixtures and fittings at the cost of £25,000.00 + VAT – up to max credit with other funders and some assets not accepted by other Tier 2 funders.

We do accept intangibles for stronger proposals, for example – 75% tangible, identifiable and easily demountable equipment and 25% intangible, small asset.

Here we offered £20,000 based on the above mix – however the customer has already recently purchased 2 flotation tanks – so we offered a sale and leaseback for a similar value to give us a stronger asset and to give the customer the cash to purchase the other less tangible assets.

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Deal 1

First Business Securities — Mon, 08 Jul 2019 16:15:10 +0000

Newly incorporated business who hire out Morgan Motor vehicles to wealthy clientele as a part of getaway package at a nearby partner hotel owned by the director’s husband.

Based on the number of previous/existing bookings, the business seems to be very successful in their early days. The purchase of the vehicle would help the director to fulfil the bookings they already have in place.

The cost of the vehicle – Morgan Plus 4 RHD was £37,500

To add strength to the proposal, the director offered an unencumbered Morgan as additional security – similar value to the new one

Non-homeowner, but positive searches and good VR history

Strong business bank statements from the last 3 months suggest high income and healthy turnover.

We accepted the deal with additional security of the 2nd vehicle over 5 years with DG and trackers on both vehicles.

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