Spotcap

Spotcap provides £300,000 in multi-lender deal




SME lender Spotcap has provided £300,000 to a construction firm as a part of a new multiple-lender deal.

When Nigel Cowdrey, director of Fischer D’Alton, required £5.5m to acquire shares in a number of construction companies with the aim of becoming a national construction group, he approached Cashflow Bridge, a broker firm that helps UK businesses find short-term financing.

Fischer D’Alton’s goal was to offer all the services provided by smaller specialised companies, but from one provider.

Cashflow Bridge was able to secure the finance from a variety of sources. 

This included £300,000 from Spotcap, along with £2.6m from a selection of unsecured and invoice finance lenders.

Leanne Barry, director of Cashflow Bridge, said: “I believe it’s the first deal of its kind in the UK.

“As a broker, it was my role to manage the coordination and communication between the lenders we were in talks with. 

“While the lenders provided the funding independent of each other, it was still necessary for them to have a clear view of the overall picture.

“When it finally happened, it was a big moment for me, all the lenders involved and, most importantly, Nigel and his team. 

“A really good outcome for everyone involved.”

Kevin Vendel, senior partnership manager at Spotcap, added: "For us, Fischer D’Alton is not a typical case, but we are always interested in working with businesses that have a healthy turnover and consistent profits.

"I believe Fischer D’Alton will be the first of many cases where you will see brokers working with multiple lenders. 

“Businesses and brokers are looking for speed, flexibility and quality service. 

“The lenders that are able to provide this in a cost-efficient way will see more of these co-financed deals come through. 

“Initially, it will take some time for brokers to familiarise themselves with all the new finance providers, but I don’t see why they wouldn’t embrace a multi-lender approach once they have come to grips with all the options. 

“My prediction is that once they figure out which lenders have the systems and know-how in place to manage these cases, we will see quick adoption.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the B&C mailing list, I will receive relevant news and promotional material via B&C on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment