Whether it’s smooth sailing or your business is on the rocks, a specialist commercial broker at your side is your greatest asset.
It’s surprisingly easy for businesses to fall into financially hard times. Luckily, Jamie Donaldson and John Hosey from Shire Business Loans are experts at resolving difficult financial situations to help a business survive and thrive, whether it takes refinancing, restructuring debt, improving cash flow or working capital, as well as a wide range of other solutions brokers have at their fingertips.
Shire Business Loans knows the value that a good broker can bring to a business in financial strife.
“I had a deal last year for a large-scale, privately owned but fairly corporate business,” says Hosey. “They had some issues with a JV partner who went into administration, and it cost them a lot of money because they had invested a lot of money into the joint venture.”
The broker’s client was in a dangerous situation. Unforeseen circumstances had lead them into serious debt – $11 million of it.
“They were in a position where they had a lot of creditors. They had a million dollars out to the tax office, and we were able to refinance,” says Hosey.
“We helped them restructure all their debt, pay out a million dollars of tax, and put them on a new repayment plan, with a new bank, which they could afford.”
Since working with Hosey, with more than 10 years in the finance industry, the business’s financial situation has turned around. They’re now on their way to paying back their debts and growing as a business.
“They’ve improved significantly,” says Hosey. “They’re in a bit of a tough industry at the moment, but they’ve payed down over a million bucks worth of debt. They’ve improved and they’ve restructured the business and are making it more profitable. So they’re definitely on the right track.”
Having a good finance broker on your team from the outset is the best way to address difficult situations before they affect the viability of your business.
Shire Business Loans brokers are the most experienced in the industry, and are held to higher standards of education, ethics and experience than apply industry-wide. All Shire Business Loans brokers are required to hold a minimum of the Diploma of Finance and Mortgage Broking Management and to have two years’ industry experience.
Want to know more about your options? Contact Shire Business Loans today!
Phone: 1300 318 733