Our client was looking to secure funding against two of their luxury vehicles to assist with a new business venture. The team at Cornerstone Commercial Finance were able to assist, and secured a £250,000 loan against these 2 luxury cars; a Mercedes SLR and a McLaren 720S, over a period of 12 months.
Our team at Cornerstone Commercial recognised that asset-based-lending (ABL) would serve as a highly effective method for releasing our clients funds that are tied up in their existing balance sheet assets.
For many business owners, the key advantage of using an asset-based lending facility is that it generates a higher level of working capital than traditional sources of finance are generally able to release. Businesses that relied on traditional forms of funding in the past are now considering asset-based-lending to refinance, stabilise cashflow or fund organic and inorganic growth.
By borrowing against the vehicles, our client was able to receive the funds quickly from the team at Propel Finance. As most of the client’s cash was tied up in shares, unlocking the value in the vehicles served as a successful solution, and avoided any delay in their new business launch.
“We were delighted to help our client receive the funding to assist with a new business venture. It was a refreshing deal from start to finish and the team at Propel Finance were outstanding to work with” – Matt Godfrey, Senior Commercial Manager
“This was a great outcome for the client made possible through close collaboration between Cornerstone and Propel Finance. A pleasurable transaction from start to finish on an iconic collector car.” – Omar Faroqui, Relationship Director