Praetura Invoice Finance support a new start business in the steel industry with a £500k Invoice Factoring facility on day one.

The Challenge

A new start business required an invoice finance facility from day one. Given the director’s background and contacts in their sector, it was understood that the business would generate a high-level turnover within a short period of time. Therefore a £500k limit was needed from the outset. However, being a new start, the company was in early stages of finalising systems and procedures with unknown future debtors and concentrations.

The Solution

The full amount asked for was provided on day one.

The Transformation

Senior management met with directors from the outset to gain comfort and relevant measures were put in place and agreed with the client to monitor as the business grows.

Having the ability to involve underwriting from the outset was key to winning the deal. The client also gained comfort in meeting the decision makers for their facility should any further increases be required in the future.

Introduced by Chloe Beare from Prosperity Wealth who commented following the deal:  “When I introduced the client to Laura at Praetura Invoice Finance, I knew the facility wasn’t without its challenges. It was a new start business, with high concentration requirements to start with, and lots of other quirks that made the facility requirements outside the norm and not suitable for lots of lenders. That said, I knew how flexible Praetura could be with facilities for the right client, and Laura was continually on hand to tailor the facility to get the maximum out of the facility and offer competitive pricing. Brilliant service as always. I’m grateful to Laura for her support with this client, enabling us to provide the client with a bespoke facility to meet their needs.”