The Challenge
In July, a client in the traffic management sector approached us with a need for a substantial financing solution to be drawn down by the end of September, coinciding with their financial year end. The customer decided to go directly to their bank, which we had no issues with.
However, just a week before the scheduled drawdown of funds, the bank altered the terms of their acceptance, extending the term length and removing the VAT deferral option. The customer wasn’t told why the acceptance was altered and this sudden change jeopardised their ability to meet their financial timeline, posing a risk to their operations.
The Solution
The client turned to PMD on September 27th, just days before their deadline. We had maintained a valid acceptance on the initial terms and were able to work at speed. Within 48 hours, all necessary documents were raised, issued and returned. Despite the tight timeline, we successfully processed the payout by the customer’s financial year-end.
The Result
The rapid response not only preserved the customer’s financial strategy, but also strengthened their trust in our capabilities. By delivering a solution faster than traditional banking methods, we made sure the client could continue their operations without disruption.
“I’ve worked with this customer for several years and feel happy that we were able to support again on this occasion. This deal highlights our ability to process applications more effectively than most high street banks. Being the point of contact for any customer to call you early in the morning, as with this instance, or late at night, is something to feel proud of as they clearly see the value that you have.”
"After going with a globally recognised bank due to them being marginally cheaper, we thanked PMD Business Finance for their efforts and walked away after we had initial funding confirmed. Ethan wished us well and as far as we were concerned, we were full steam ahead with the bank. What followed was then a few weeks of pain from the bank asking for more information than we had ever been asked for before for anything. The deal changed 4 times during those discussions, culminating in a last-ditch phone call to PMD to see if the deal could be resurrected. Ethan pulled out all the stops for us and a deal was agreed and paid out within 48 hours, securing the asset to coincide with our end of year accounts as originally planned. I genuinely didn’t think the deal was going to happen due to the bank messing around so much, but PMD managed to make it happen as originally planned, and after some number crunching it also actually ended up a better deal than the bank was offering anyway. An amazing service provided, and PMD will be my go-to funder for all assets in the future."