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The challenge
A supercar auto-repair business needed to purchase expensive car body parts to meet demand.
David* has owned his prestige car body repair business since 2011. Being a specialist bodyworker, he needs to use rare and exclusive aluminium parts to repair the cars, which include Ferraris, Lamborghinis, and Bentleys.
Due to the high value of the vehicles, David gets regular business from insurance companies and private clients, so being timely and efficient is a crucial part of his business’ reputation.
The business has received a flurry of important jobs and David is under pressure to meet tight deadlines. To complete the work, he needs to order some exclusive parts, but they come with a large upfront cost of £150,000, so he was seeking a business loan to purchase the car parts and protect his existing cash flow.
After reading an email saying how Millbrook could support him, David submitted an enquiry and within 10 minutes, Abdus Samad, a business finance specialist got in touch to help.
The solution
Leveraging trusted lender relationships to remove obstacles to approval
Initially, the application was turned down, despite the business having a high turnover. Abdus was highly confident David’s application met the criteria, so he reached out to the lender directly to get more information.
Abdus found out that it was turned down as it went through an automated underwriter, despite this can be helpful for speeding up approvals, it doesn’t always understand the nuances involved within an application. He asked for further information on the lending criteria and requested for a manual underwriter to review it again, meaning the individual merits of the case could be reviewed again.
This is where working with a business finance specialist can be a game-changer, as you obtain their expertise in navigating complex criteria and leverage their close lender partnerships to help remove any obstacles to approval.
After being reviewed by a manual underwriter, the funding application was approved!
The results
A £150,000 business loan was approved and paid out in just 5 days through a manual underwriter
A business loan of £150,000 over a 72-month term was arranged and paid out in just 5 days, a turnaround quick time when using a manual underwriter.
David was able to order the car parts he needed and made his deadlines with time to spare!
*Names have been changed for confidentiality purposes.
Abdus Samad, Business Finance Specialist, said:
“Helping business owners to navigate complex lending criteria and secure the funding they need is what Millbrook do best. I love being that additional driving force for the client, ensuring that everything with the application process runs smoothly, whilst they can concentrate on what they do best - running their business and serving their customers.”
