Biggest ever P2P loan for Industrial Metal Services
The deal, which is over four times larger than the previous P2P record, has been agreed with the steel stockholders to support new stock purchase and general cashflow, and consists of invoice, asset and property finance.
In a major boost for the alternative finance sector, IMS turned to Nucleus Commercial Finance after discovering the wide range of finance facilities that they could provide, which fitted in perfectly with their business needs.
Mick Welden, a consultant at Breal Consulting, acting on behalf of IMS, said:
“It’s difficult to find a lender that provides the same level of detailed financial analysis and range of financial facilities as a bank – there are a lot of businesses that could benefit from access to alternative finance, especially after the recent Leave vote.
“Nucleus’s financial expertise and flexibility means they’re well placed to support the SME sector with record breaking amounts of P2P funding through a variety of different finance types.”
Chirag Shah, CEO of Nucleus Commercial Finance said:
“This is a significant sum of money for a company in a sector high street banks consider ‘adverse’ due to the global steel trade. However, we support businesses from a wide variety of asset rich industries, and had no hesitation in working with IMS.”
“Nucleus used its commercial experience to turn the deal around very quickly – initial introductions to money being released took ten weeks. Much, much quicker than other lenders. Post-completion, they’ve been very supportive with the transition from the old lender.”