Product Type – Business Loan over 60 months (fully unsecured with just PGs). The customer settled a £1m loan that was secured against their personal property and swapped to this instead and it was a better rate!

Loan Value – £750k loan – £686k ‘new money’ into the business – remaining £64k was a CBILS refinance, which helped the customer save thousands per month for the first 12 months or so. The original CBILS was £250k at around £6.5k per month and this £750k is costing £16k per month so they unlocked an extra £686k for an additional £10k per month essentially.

Purpose of Loan – Huge expansion, the client’s turnover is set to be doubled in the next three years, and is already at £8m. They will be employing a lot of new employees in the process.

Exit – No early settlement fee, the client can settle at any point and just pay the outstanding capital.

Commission – 2.5% (£18,750)
Broker Fee – No broker fee

Comment from Atlas – “It is FC’s biggest ever unsecured deal to date, which is pretty cool – Special mention should go to Tom Ellis and James Sharpe from Funding Circle as they did everything they could to help this deal go through.

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For more information about the Brokerplan Academy, visit www.brokerplan.co.uk or contact Graham Beckett at gbeckett@whiterosefinance.com.