We were introduced to an accountant who had been arranging VAT funding for one of their large construction clients directly through a well-known lender. The VAT liability is circa £200K per quarter and the client had been funding this for several quarters until the lender in question decided that they no longer wanted to support the client.
This decision by the lender obviously left the customer having to try to find the money themselves, which would have been virtually impossible.
Fortunately, FFP have a comprehensive panel of VAT lenders, so we recommended a lender who doesn`t underwrite the VAT facility on a deal by deal basis, which meant that if they approved the deal and as long as the customer kept up with the regular monthly payments then they would be happy to renew the deal on a quarterly basis without the fear of being let down.
The process with the lender was very efficient and we got the approval within a couple of days and the process took one week from start to the payment of Funds to HMRC on the 7th of the month.
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