Client wanted to import goods from overseas with purchases occurring monthly. Most of the goods were required to be purchased from the supplier prior to importing so the Borrower had a short term funding gap until the goods were on Australian soil. Bank would not provide a loan due to the start up nature of the business and the offshore trading activity.
Xceda provided $150,000 facility to allow the Borrower to fund the purchases. He uses the facility monthly by drawing a portion of the available facility, and then repaying once he receives the funds from his customers. Xceda took a second mortgage over his Brisbane residential property as security for this loan.
For more information about our Revolving Credit Facility options, enquire here at firstname.lastname@example.org