Published on July 21, 2020

Success Story - A large wholesale trader in Victoria

 

While most businesses have struggled to stay afloat during the COVID-19 pandemic, our new client who is a leading wholesale trader in Victoria had a problem of a different kind. His business, which was predominantly an online model had seen an unprecedented growth of nearly 3 times compared to pre-COVID times. 

With retail stores closed, most customers were looking at online retailers and marketplaces to purchase goods. Being an established online retailer, the business saw a sudden spike in demand and needed to quickly scale up to cater to customer expectations. 

The Challenge

While a problem of plenty is any business owners’ dream, this also brought in the added responsibility of delivering to the orders quickly and meeting client expectations. To procure new stock to meet the increased demand, our client reached out to his existing lender. To his surprise, the lender had capped their maximum loan eligibility to $250K owing to the prevalent conditions. As the client already had an existing loan of $220K with the lender, he couldn't secure additional funds from the same lender. 

The client needed an additional $500K, but most lenders and intermediaries he reached out to were unable to secure the required amount. 

The Solution

The client connected with us through an online search and loan application on our website. Our team promptly reached out to the client and based on our interactions with him, built a strong business case in just 4 days, ensuring all the required paperwork was carefully documented to ensure a successful application. 

Based on our continuous interactions with multiple lenders across Australia, we were able to apply with the right lender and the loan was approved without any additional inquiries the very next day. 

Success High Point

The required loan of $500K was secured in less than a week from our initial conversation to loan disbursement based on the client’s requirements. Two key factors that helped our client maximise his savings are: 

  1. We helped him secure the additional funding while retaining his existing loan. This ensured he saved a considerable amount on the interest he would have had to pay at closure and the associated establishment fees. 
  2. Our personalised approach and relationship with our lending partners ensured we were able to secure the best deal for our client. We were also able to secure the new loan at interest rates significantly lower than his existing loan. 

Another key highlight was that all interactions were through an online process and without any physical meetings in the interest of social distancing.

Do you have a similar story? We would love to help you secure the loan needed to grow your business. Reach out to us on 1300 360 530 or click on the link to Apply Now!

 

You are just one step away from securing the right loan to grow your business.

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