Like any business, FundingKnight is only as good as the service it provides to its customers. In our case, those customers are people looking for a better return on their savings and investments or independent businesses in search of flexible, competitive business funding. Our online marketplace uses peer to business lending to offer small businesses the loans they need for expansion and today we’re proud to shine the spotlight on our first ever business borrower….Leisurebench Ltd.
Leisurebench imports high quality outdoor furniture, selling to commercial clients in the pub and hotel trade and the public sector and also direct to consumers through their Brackenstyle brand.
They are a family run business with a strong background in the furniture trade run by Saul Musson, Martyn Mayes and their team of specialists.
Leisurebench had tapped into a niche market and was poised for rapid growth. It had orders waiting from blue-chip companies and needed short-term funding to finance stock. The future looked bright, except their normal banks didn’t want to provide funding on acceptable terms.
Their financial adviser put them in touch with us and, after a thorough analysis of their business and credit worthiness, we set about organising a loan that could give them the business funding they needed to grow.
Arranging a loan…
We arranged that first loan back in January 2012, working together to build a bespoke loan that made financial sense for both Leisurebench and our lenders. This first business investment was fully funded by the FundingKnight management team who was keen to test out our processes before opening up future loans to outside lenders.
Firstly, we determined together that a larger loan than the one originally requested would best meet Leisurebench’s needs; we arranged a loan of £110,000. We also listened carefully to their needs when it came to setting the term and repayment schedule. As Leisurebench needed to conserve cashflow whilst importing the stock, it made sense to agree an upfront payment holiday. Once loan payments started, the 7 month loan, funded at 11%, was repayable in 4 instalments.
“FundingKnight gave us flexible terms at the right price; refreshingly simple, common sense banking. We’re already planning another loan with FundingKnight.”
Saul Musson, MD, Leisurebench
Planning for the future…
We’re already talking to Leisurebench about how we might work together again in the future and, of course, we have funds ready to lend to other well managed businesses with strong cashflow.
To find out more about the Leisurebench and their high quality outdoor furniture, visit:
www.leisurebench.co.uk – for commercial customers
www.brackenstylegardenfurniture.com – to buy direct