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Commercial Credit News
|Biggest ever P2P loan for Industrial Metal Services|
|Wednesday, 20 July 2016|
A British P2P record is broken today as funding specialist Nucleus Commercial Finance agrees a £14.5million finance facility with the largest steel stockholder in the South-East, Industrial Metal Services (IMS).
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 cash flow, and consists of invoice, asset and property finance.
In a major boost for the alternative finance sector, IMS turned to Nucleus after discovering the wide range of finance facilities that they could provide, which fitted in perfectly with their business needs.
“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”, said Mick Welden, a consultant at Breal Consulting, acting on behalf of IMS. “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.”
“This is the first time a loan facility of this size has been seen in the P2P sector”, said Chirag Shah, CEO of Nucleus Commercial Finance. “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.”
Welden concluded: “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.”
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