Traditional values : Modern solutions

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Local Family Law Firm - PROFESSIONAL INTRODUCTION

Sector: LAW | Value: £178,000
Equipment type: WIP FUNDING | Term: 60 MONTHS

This law firm needed help to raise capital.

Problem:

A long established family law firm was looking to raise capital to buy out a retiring partner and take on a further 6 solicitors for its already 9- strong team. Their accountant introduced the deal to Bathgate as their bank was only willing to offer a refinance facility.


Approach:

Bathgate met with the Managing Director a number of times prior to submitting applications, so we could gain a fuller understanding of the business and its growth plans and tailor a solution to meet their needs. Our approach and relationship we now have with the client has led us to consider further short term funding for the client.


Solution:

We were able to source a £145k loan on a competitive fixed rate over five years with a peer to peer lender that gave the client the ability to settle early if required without incurring any penalties. We were also able to arrange a £33k personal loan over the same period via a professional lender.