An experienced operator within the industry was acquiring an underperforming business and needed working capital to operate the business, given the lag between the business commencing and receiving payment.
The client contacted the BDM directly. They are familiar with Debtor Finance Facilities and knew the solution would work. They were a new trading entity with a strong growth expectations and a desire to avoid property security. They also had large concentrations to a ASX listed debtor.
Moneytech provided the client with a $800,000 Debtor Finance Facility. The facility met the clients objective of being able to have confidence to grow the business without real estate security, lock in contracts or early terminations fees. We also provided a concentration to the largest debtor of 80%. The experience of the owners, allowed Moneytech to support the business.