We were recently in receipt of an application from one of our introducers which was on behalf of an independent law firm based in London with a trading history of over 20 years.
They are a boutique legal and tax firm who take on property litigation cases for high net worth individuals. As well as operating in London, the firm also has 2 overseas offices.
How we helped
The business wishes to take on more complex and long term cases which can initially have an adverse impact on day to day cash flow and so we were asked for a loan of £50,000 over 36 months.
The financial information provided in support of this application showed that the latest business turnover had increased beyond £3m with a net worth of around £1.4m.
The EBITDA calculation showed that debt to service ratio was around 1.7 and the bank statements provided showed well conducted accounts. The director had a strong personal credit profile and was a homeowner with considerable equity and we were therefore very pleased to approve this loan subject to the director’s Personal Guarantee being provided.