Business growth: finding the right package

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Braemar Finance has been working with the legal profession for a number of years, and in that time we’ve been witness to pandemics, economic cycles (stability and turbulence); technological developments, and changes in government funding and client expectations.    

What has not changed is the need for funding to satisfy growth ambitions. In this article we providae a practical, real- life case study that demonstrates how we helped a solicitor during the pandemic. We also explain more about the various products Braemar Finance offers and how they can be used to grow your business.

Products 

Business loans

Our unsecured business loans are available when you need to borrow funds to invest, injecting cash when you need it.

The product can be used for a variety of purposes, including: 

• buyin/buyout;
• refurbishments;
• IT rev
• equipment;
• website development;
• insurances and training;
• security systems.

Consolidation and refinancing loans

If you have several existing agreements, credit card balances or other regular finance repayments, a consolidation loan may be the way forward. A consolidation loan would combine your existing debts into one single monthly payment over a term that suits and can be used to free up your cash flow. 

Personal loans

Personal loans are unsecured and can be used for virtually any purpose other than for the purchase of property.

Our bespoke packages are designed to accommodate your needs, allowing you to budget with confidence as the payments are fixed throughout the term of the agreement.

Tax loans

Our popular tax loan facility is designed to help manage this recurring expense. Popular with many professionals, our unsecured tax loans permit you to spread the cost of your tax demand into more affordable monthly payments.

Tax demands can be received in various formats, dependent on your circumstances. We can fund personal tax, corporation, capital gains, crossover tax and inheritance tax; in addition, we will consider consolidation of existing agreements.

Payment can be made directly to HMRC or to a bank account of your choice, allowing you to have your tax bill paid on time, avoiding any HMRC late payment penalties.

Hire purchase 

Hire purchase allows outright ownership of the asset and enables you to spread the cost over a term that suits you.

In addition, the asset may potentially be claimed against your taxable profit, under your Annual Investment Allowance, which is a tax benefit.

Furthers benefits of hire purchase include:

• easier cash flow budgeting as repayments are fixed;
• capital preservation – existing funds can be used elsewhere;
• interest charges can be offset against profits for taxation;
• outright ownership on completion of the agreement.

Leasing 

If you want to maximise the use of your equipment without the responsibility of owning it, leasing will give you the freedom and flexibility you need.

With affordable monthly payments, leasing is a tax efficient method of acquiring the assets your business requires.  

For more information on how Braemar Finance can help grow your business, visit www.braemarfinance.co.uk/legal or call a member of the team on 01563 898 303 who will be happy to help.

Who? 

An established firm of solicitors recently acquired by
a legal group. 

Why? 

They were seeking loan funding over as long a term as possible to finance the refresh of IT equipment, including “soft” costs (engineer, software, etc) and to help with working capital. 

Solution

Standard £100k business loan over four years with cross-company guarantees.