Despite the lockdown, it’s been business as usual for our team and they have been kicking goals (internal ones that is), alongside our broker network. A recent deal, introduced by one of our valued South Island brokers, was approved and settled during August 2021 lockdown.
The new to Partners Finance & Lease client required funding for acquiring another business, at a cost of $1.0m. Their existing funder had declined the deal after sitting on it for 2 weeks, so we knew we had to act swiftly as the settlement date was fast approaching.
The deal was structured to include a partial refinance of existing lending in order to provide additional security. By working closely and collaborating with the broker, we were able to submit and approve the deal in time to ensure the acquisition settlement was not jeopardised.
We’re proud of the way the team rallied together across multiple Zoom calls to get the application submitted and approved within two days. Using the client’s assets, (mobile plant and equipment) along with personal guarantees, we were able to secure total lending of $1.4m.
PFL remains focused on continuing to deliver the same high level of service to our brokers and mutual clients during the current period of lockdown.