Restaurant Owner uses Logbook Loan to Fund New Restaurant Opening
11.07.2022 by Jack H
LoanOnYourCar.co.uk is delighted to support a restaurateur and new restaurant opening in North London with a logbook loan on his BMW 840i, valued at over £50,000.
The client made a direct approach to LoanOnYourCar.co.uk after finding us on Google when he searched for short term mezzanine loans. The client said: “As we reached the end of our restaurant build, we were running tight on funds for the finishing touches." We needed to raise £15K quickly, and we needed a mezzanine loan to cover the shortfall. I didn’t want to go back to the bank or the investors, so I decided to use my car as collateral against the loan. He added: “The team at LoanOnYourCar.co.uk was able to release the £15k the same day." I was able to complete the loan online and receive the cash in my bank account the same day. The customer service was great, and the staff were polite and helpful from start to finish. I would recommend them to any business looking for a loan or some kind of mezzanine funding.
LoanOnYourCar.co.uk is a digital logbook loan lender that operates throughout the UK and provides an excellent small business loan alternative. Our client never needed to travel, as his logbook loan was agreed upon and completed from the comfort of his office. On receipt of our client’s application, we completed a real time valuation of his BMW 840i within an hour, and a decision in principle was emailed to him. One hour later, LoanOnYourCar.co.uk completed a WhatsApp video appraisal of the BMW 840i and issued the loan paperwork. The client e-signed the loan documents and submitted the required supporting documentation via email, and the funds were released to the client’s bank account in a matter of hours.
Paul Hilburn, director at LoanOnYourCar.co.uk, said: “We receive a lot of applications from small businesses looking for a smart and flexible alternative to mezzanine funding to support their short-term business aspirations. "Logbook Loans are an excellent solution for small business loans or mezzanine funding.” He added: “For our borrowers, the speed of application and pay-out is critical combined with the flexibility of the loan which allows the client to repay the loan penalty free at any time or make overpayments and benefit from paying reduced interest. This is why we are providing more and more loans to small business owners.”
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LoanonYourCar.co.uk is family-run and privately owned, and it serves a broad range of clients throughout the United Kingdom. We are a direct FCA authorised logbook loan lender. We provide proven and preferable Logbook Loans for people looking to raise cash from their vehicles including classic, vintage, supercars and prestige cars. Loans range from £500 - £150K. We are currently the ‘UK’s No1 Trusted Logbook Loan Lender’ on Trustpilot, with 5 Stars client reviews.
Please note: A logbook loan will be subject to the borrower completing an affordability assessment, credit check and review of the latest 3 months bank statements.
