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Finance for start-up business

CASE STUDY

Background

South Bristol Construction Limited started trading in 2009.  They needed to purchase some vehicles for the new business and came to us for finance having been introduced to us via a commercial van dealership.

Challenge

As a new start-up company they had no track record or credit rating/credit history. This presents an obvious risk to any lender so the financing options are more limited and can be trickier to secure.

Solution

We met with the directors of the business to get the background information from them, together with some basic financial information such as bank statements and formation/opening balance sheet.

Outcome

From our initial background research we discovered that the directors were happy to support the company in any way they could. We used this information to successfully arrange the finance on hire purchase with personal guarantees from the directors to satisfy the underwriters.

The company has grown considerably since those early days and now employs over 20 people.  We have financed several vans/ HGV’s and excavators over the years and even financed vehicles for the directors’ family members.

 Client Comment

“John and the team at Peninsula Asset Finance have been a great support. They are always on hand to sort things out and do so in a professional manner. The service is second to none and they always offer me a fantastic deal!  When I buy anything all I do is to tell the supplier to expect a call from John and he looks after the rest. I couldn’t recommend them highly enough!”

Steve Chappell, South Bristol Construction Limited

IN BRIEF

Client
South Bristol Construction Limited

Project
Finance for new company vehicles

Deal value
£150,000+