This bus and coach travel company were looking to expand their fleet and fulfill a new contract, but needed assistance with funding the vehicle.
The Challenge
This deal prevented us with a few challenges to work around. The business has previously gone through a period of growth and therefore already had high amounts of previous lending and had hit their exposure limit with a lot of lenders- meaning we had to look at alternatives. In addition to this, the asset was Chinese and new to the UK market, which made it more complex to achieve funding due to the unknown residual values.
The Solution
Due to the business having reached its exposure limit with a lot of lenders, secure further funding could have been a challenge. However, by leveraging our extensive panel of specialist lenders, we were able to identify a tailored solution that aligned with the clients funding requirements.
We successfully arranged £293,000 of funding, structured over an 84-month term with a 5% deposit. Additionally, we were able to secure a 3-month VAT deferral, allowing the business to manage cash flow more effectively and ease the pressure on upfront costs.
This funding has allowed the client to fulfil a large contract with a Europe wide travel company where they service the North of England. Additionally, they have trusted Moorgate Finance with the opportunity to fund a further five coaches in the coming months.
The Highlights
✅ £293,000 funded for a coach for a travel company
✅ Structured over an 84-month term with a 5% deposit and a 3-month VAT deferral
✅ The funding has allowed them to fulfil a large contract with a Europe wide travel company and they have given us the opportunity to fund a further 5 coaches over the next few months
Give us a call on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to start the conversation.