Very strong business whose turnover dropped due to the nationwide pandemic. Incumbent bank weren’t keen to support a CBILS sub £500k.
We had to utilise our portfolio of CBILS providers to get a facility over the line. The MD had limited personal credit and owned all residential properties outright, which caused initial difficulties.
The strength of both the business and director was demonstrated by one lender who offered them double what they requested. The business stuck to their original plan and drew down the £250k as requested.