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Archive for 2013

Confidential Factoring organised for sub contractor

Monday, July 1st, 2013

XL Business Finance has recently sourced a confidential factoring facility to a mechanical and electrical sub contractor.

The business had secured new contracts and the next 12 months forecasts suggested an increase in turnover to £3m up from £2m. Due to the highly contractual nature of the debt  the business could not go to their bank for an increase in overdraft  and they were also told factoring or invoice discounting was not an option. Currently there are at least 5 independent factoring companies providing contract finance and all provide a slightly different take on the facility.

XL Business Finance understands this market inside out and for any business requiring finance against applications rather than invoices we can help. Contact us today Manchester, 0161 980 0577, London 020 3301 4540

Sale and hire purchase back

Wednesday, May 29th, 2013

Providing  an invoice is no more than 3 months old it is possible to finance recently purchased assets at prime rates via a standard  hire purchase agreement . This was the case for a packaging business that purchased two finishing machines at a total of £5ok out of working capital. In hindsight due to  cash flow pressure the kit should have been financed at the time of purchase from the supplier. XL Business Finance organised  a  retrospective hire  purchase  agreement with a prime funder at prime rates even though the kit had been invoiced and paid for.  It is important to do this within 3 months of original purchase as specialist refinance companies will need to be considered.

 

 

Supply Chain Finance

Tuesday, May 28th, 2013

If you have confirmed purchase orders it may be possible to obtain finance via supply chain finance as was the case for a dried fruit exporter.  XL Business Finance was recently introduced to a business via its bank that had won a substantial contract with a US business supplying dried apple snacks. The requirement for 100% cash covered letters of credit was unworkable and impossible for the client to finance. XL Business Finance  was able to arrange e a $2m solution to procure apples and pay the factory. The deal was secured on credit insured payments from the US buyer. Supply chain finance can either work on a stand alone basis or in conjunction with your existing bank facilities.

Revolving Trade Finance

Friday, April 26th, 2013

A £1.25 m revolving trade finance facility was recently organised for a UK company enabling it to grow it business supplying high quality gas fires to major retail outlets. When the facility was first negotiated the business was experiencing cash flow difficulties and was unable to provide secured payment to its Chinese supplier. The solution was to provide a letter of credit and import loan secured against confirmed orders enabling the business to purchase the necessary products. The end  customers included blue chip high street retailers. The trade and import facility was instrumental in allowing the business trade through a difficult economical environment at a time when no support was available from its bank.

 

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