Law firm needing to restructure existing debt
Term: 5 years
A busy law firm was struggling to repay multiple short-term facilities which they had taken out to cover shortfalls in their cashflow. The company was now trading much more steadily, and the repayment dates for their loans were getting ever closer.
They approached Accredo with a view to replacing their existing debts, which amounted to £375,000 including all fees as well as the interest they had accrued, with one loan and repayments over a 5-year term. However, they needed a repayment profile that suited their income pattern.