Customer had an opportunity to start a franchise business. Seeking to obtain a facility to assist with the cost to start up the business. Limited equity left with her existing property. Existing bank rejected her application due to being a greenfield site and lack of security being offered by the directors to the bank.
How team at JKK Solution helped our client
Customer approached us through friend referrer and got the chance to chat with our experienced adviser to assist with this opportunity. Client has passion in her business and has working in the same industry for long time. Our advisor took the time to fully understand the customer’s background, business plan, together with their projection of the business income. Most importantly, the team took the time to understand all the assumptions behind the projection and have them presented to the bank.
Our advisory also shared some key industry insight from their experiences and the client really appreciated it.
Outcome
The facility was approved on unsecured basis and without any supported guarantee from the director’s personal assets. The servicing of the facility is based on projections and detailed assumptions behind the projections, rather than historical data.