A recovering luxury car hire business needed support to secure asset finance to update its fleet
Due to the restrictions on events and social gatherings caused by COVID-19, Nadeem’s prestige vehicle hire business took a financial hit. Despite experiencing a few difficult years due to the Covid lockdowns, he was now ready to recuperate and get back to making people’s events extra special.
Nadeem had big plans to update his fleet to attract new customers but needed some specialist help after being turned down elsewhere. After submitting an enquiry via our Eligibility Checker, Tony Horne picked up the phone within 30 minutes to discuss how Millbrook can help.
Going the extra mile and searching the full market to find a solution
After an initial discussion, Tony knew that Nadeem’s business needed funding and fast, so he got to work organising a Recovery Loan to help the business steady the ship after the pandemic. Within days, Tony had organised a £43k loan.
Two months later, Nadeem made contact again, this time asking for help to purchase a £70k Audi to help expand his business.
Due to the nature of Nadeem’s business, many lenders were hesitant to lend against the asset as hiring high-value cars to clients comes with its own challenges and risks, not least the cars being written off. When applying for an asset-based loan, this can be a problem for lenders as the asset is their security. Tony knew that not all lenders would consider the deal, however, with his wealth and depth of knowledge of the market, he was able to find a lender who would fund against the asset.
An updated luxury car fleet that has secured business success for the future
To date, Tony has helped to organise asset finance to purchase seven luxury cars, including a BMW M340, Audi RS6, Audi SQ7, MB E Class, MB Vito, and an Audi RSQ8 with a total asset value of nearly £500k.
“Millbrook and Tony always deliver and make sure we get the best deals for all our vehicle finance. Highly recommended!”
Tony Horne, Business Finance Specialist, said:
“The pandemic impacted so many businesses, so I’ve loved being able to help Nadeem get back to doing what he does best. We’ve worked together on multiple occasions now and I’m thrilled to be his first port of call for all his business finance needs.”