Prompt response from Purbeck helps to support broker on commercial finance deal

A prominent finance broker within our introducer network approached us with a refinance proposal for a 65 year old weapons and ammunition wholesaler based in the North West. Their current providers were not offering enough drawdown percentage on the invoice finance line to properly support cash flow, and the client was in need of additional working capital support to fulfil a strong order book and help with the additional waiting times when getting hold of stock.

The client was keen on the new finance offer but, with a Personal Guarantee attached, he was put off by the large risk he would be placing against his personal estate, particularly when he was looking to retire in the next five years.

We received the documents from the client at 2pm and by 4:30pm we had completed all due diligence and issued terms. By 1pm the following day, the client had completed purchase of the cover, delighted to have secured the funds to support his business as well as securing protection for his personal assets from an A-rated insurer.

Interesting facts about the case

• We issue most of our underwriting decisions on the same day of application, and work quickly to ensure protection is issued promptly wherever possible.
• The refinance deal in this case would have fallen through for the introducer had we not been able to secure insurance cover for the Director. We take pride in supporting our introducers to get deals over the line and drive Britain's economic recovery.
• This is the first case we have written within the weapons and ammunition sector-great to add another unusual sector to our policy book!

Find out more

www.purbeckinsurance.co.uk

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