One80 were successful in obtaining a loan for a client who was experiencing financial distress due to the ongoing COVID-19 pandemic.

The challenge

Our client was a long established South East law firm who, due to the ongoing pandemic, was experiencing financial difficulties. Like many other legal practices, they noticed an obvious reduction in new instructions and many clients, particularly in the residential, corporate and commercial areas, were withdrawing from transactions due to the uncertain climate. In addition, they were finding it difficult to collect owed funds on historic cases as clients were withholding their payments. In order to keep their company afloat they sought to utilise the government Coronavirus Business Interruption Loan (CIBIL) and instructed One80 to help them find a suitable lender.

The solution

Prior to our instruction, the client had previously submitted an application to their lender requesting a loan of £250,000. They were unfortunately unsuccessful and their application was declined. The client made contact with our experts and wanted our help in securing a willing lender as they were unsure as to why their application got declined.

Following the initial consultation period, we identified possible reasons for the rejection and worked with the client to rectify their application. In addition, we put together a shortlist of potential lenders which would suit the client’s needs and were confident that we could secure a positive outcome.

Given the nature of our client’s business, securing a loan was of vital importance as it would provide a lifeline to a struggling firm and in turn provide means to continue to pay employees and deal with live client matters. Due to this, it was imperative that we concisely prepared the application to ensure that the chance of it getting rejected was substantially reduced and we could secure the full loan for our client.