It’s always a moment worth celebrating when particularly challenging deals make it over the line. In this case, Moorgate Finance managed to beat another broker on the market and secure a competitive deal for the customer, despite the odds.
The Challenge
The customer needed to purchase 2 Mercedes minibuses – not necessarily a challenge on paper. But, when a lender increased their rates just as the deal reached its final stages, things got trickier. A flat rate of 4.3% was raised at the last hour by the lender to 4.5%. If we had proceeded with the deal on these terms, it would have cost the customer an extra £75 per month, totalling £4,500 over the term. Not an insignificant amount to just ignore.
The Solution
Thankfully as a broker, these circumstances are something we are used to and able to deal with. During the application process, we had managed to secure the customer two approvals on the same 4.3% flat rate. Given that one lender had raised their rates mid-deal, we took the decision to switch to another lender, keeping the customer at the previously quoted 4.3% flat rate and still getting the funds paid out on time. We were also able to defer the VAT payments for 3-months and secure a 5-year term for maximum affordability.
This deal is a great example of why working with a broker can be so beneficial. When challenges arise, we have strategies to deal with these without undue stress for you and your business.
Highlights of the Deal…
✅ Two Mercedes Minibuses funded on a 4.3% flat rate.
✅ 3-months VAT deferral and a 5-year term secured for the deal.
✅ Overcame challenges with another lender raising their rates mid-application.
✅ Saved the customer £4.5k over the course of their term due to switching to another lender.
Looking to raise funds for your next investment? Speak to Moorgate Finance on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to make an initial enquiry online.