Bizcap Added $250K to an Existing Loan, Enabling a Fashion Wholesaler to Capitalise on a Surge in Sales
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Fast Facts
Business: Ladies fashion wholesaler
Challenge: Needed a second loan to pay suppliers
Existing Debt: $200,000 loan with a non-bank lender
Solution: Secured Business Loan
Loan Amount: $250,000
The Challenge
A ladies fashion wholesaler was approaching its peak sales period, but had to urgently purchase additional inventory from suppliers in order to fulfil customer orders. The wholesaler required a loan of $450,000 to pay her suppliers but the first non-bank lender she approached was only willing to lend her $200,000. The business owner contacted Bizcap via her broker, asking if we could extend her the remaining $250,000.
The Bizcap Difference
Unlike other lenders, Bizcap is willing to extend loans to customers with existing debt, taking a position behind the existing loan facilities. We came through and, taking the security of a second mortgage over a property belonging to the business owner, extended the business a loan of the further $250,000 it required within 24 hours.
The Outcome
The business owner used the funds to purchase inventory, and capitalised on the growth opportunity of a surge in sales during the busy Christmas period.
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Business Loans Made Simple
Are you ready to seize new business opportunities? Perhaps you need to plug cash flow gaps? Bizcap is Australia’s most open-minded lender, empowering businesses with fast access to flexible loans, even if they don’t have the perfect credit score.
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Business Loans Made Simple
Are your clients ready to seize new business opportunities? Perhaps they need to plug cash flow gaps? Bizcap is Australia’s most open-minded lender, empowering businesses with fast access to flexible loans, even if they don’t have the perfect credit score.