Football Club Security Needed Bespoke Facility
Thistle Finance was engaged by a Broker to source an unregulated bridging facility for a Limited Company where, unusually, the security being offered was a football club. The board of directors was made up of lifelong supporters in administrative functions with a sole shareholder in the US. Funding was needed to provide working capital for the season ahead and the proposed exit route was an IRS tax rebate. Thistle Finance negotiated the capital required with our lender but also managed to limit the personal guarantees provided to the sole US shareholder. Further complications such as finding a surveyor with the experience to value the unusual security type were overcome by working with the lenders investors and agreeing a course of action.
Thistle Finance obtained a facility rate of 1.2% per month with full interest roll up over a 9 month term.
Thistle Finance acted as the packaging broker for the application coordinating with the introducing broker on product and paid away 50% of the lender procuration fee and 50% of the broker fee.