Security: A Car Breakers Yard, in Chatteris, Cambridgeshire
Property Value: Site purchase price £225,000
Funding requirement: The client was provided with a facility of £135,000 (60% of requirement: Purchase Price) on a first charge basis for 12 months.
Summary: The client had struggled to obtain funding for the purchase of a salvage yard in Cambridge. The borrower’s finance broker approached FBSE Finance knowing we specialise in unusual asset classes. The type of the asset was one of the biggest challenges as well as some historic contamination issues. Most of the borrowers assets were based offshore and the source of the repayment was the sale of one of their overseas properties