BloomSmith have secured a new funding line from Shawbrook Bank to extend their commercial reach and support future growth.
With a 20% VAT obligation on top of the purchase price, BloomSmith’s unsecured VAT funding solution has proved of great value to their clients. BloomSmith work with closely with investors and developers, along with their chosen agents and funding partners, to provide 100% of the VAT required.
BloomSmith VAT funding covers the VAT element due on the purchase of a commercial property. Procedural transactional detail is simply dealt with lawyer to lawyer to the point of completion. HMRC then repay the facility from the reclaim typically within 90 days.
With no legal charge taken as part of the facility, legal complexity is minimised. Senior lenders do not need to be concerned with the existence of a second charge and the issues that that creates .
BloomSmith Joint CEO Nigel Smith stated: “The positive impact of our facilities is real, both in terms of transactional simplification and the reduced cost of not having to stretch senior and mezz facilities. With our funding available within 48 hours, the demand for facilities means that our partnership with Shawbrook, especially in terms of “peace of mind” given their standing and experience, is very welcome for both ourselves and our customers. We like to think that it is also a reflection of our professionalism. It has been a pleasure to work with Jake Francis to put this facility in place. Procuring the Shawbrook funding line has endorsed and strengthened our systems and process and I look forward to working with our clients to deploy funds through 2022 and beyond.”
Jake Francis from Shawbrook’s Speciality Finance team said: “Property is a fast-moving competitive sector, particularly in the commercial space, and the proposition BloomSmith has created is highly compelling.
It has been a pleasure working with the very experienced management team and to extend the specialist support we can provide the alternative lending community to help businesses like BloomSmith scale-up and achieve further growth.”
Neil Petty Founder and Joint CEO said: “BloomSmith are delighted to be working with Shawbrook. This new funding line cements our place as the market leading VAT lender in the industry and forms an integral part of our growth plans. I would like to take this opportunity to thank Ella Leonard and Luke Morris of Fladgate and Mark Dalton of Buckle Barton, and of course Jake Francis and the Shawbrook Speciality Finance Team for their work in creating the partnership”.
If you have a VAT funding enquiry, please contact BloomSmith’s Sales Director, Kate Ashton direct on 07825516161 or via email kate@bloomsmith.co.uk 02034883411
