Momenta Finance recently partnered with Moorgate Finance Ltd, a reputable commercial finance brokerage, to facilitate a significant unsecured business loan of £250,000 over a 36-month term at an interest rate of 16.45%.
Supporting a Borrower in the Automotive Industry
This financing was provided to a borrower in the automotive industry, with the specific purpose of supporting the launch of a new rental offering.
Moorgate, a well-established commercial finance brokerage since 2015, specialises in providing diverse financial solutions to businesses. Their services range from asset finance and unsecured loans to business protection and residential mortgages. Moorgate Finance aims to be a one-stop-shop for all funding requirements, forging strong partnerships with introducers and asset suppliers.
The borrower, a supplier partner of Moorgate, in the automotive sector, had achieved remarkable growth, even during the challenging economic conditions caused by the pandemic. Recognising an opportunity to diversify their product range and explore new revenue streams, they sought financing to embark on this ambitious venture.
Moorgate considered multiple funding options for their client but ultimately selected Momenta due to the early settlement terms, aligning with the client’s desire to repay the debt quickly without incurring additional costs. Momenta allows for:
- Over-payments of up to 10% of the outstanding loan balance annually without incurring any early settlement fees.
- No early repayment charge after 12 months.
When it comes to navigating the complex world of commercial financing, experience and flexibility often make the difference between success and disappointment. George expressed his appreciation for the unique approach that Momenta brings to the table, “The beauty of dealing with Momenta, not just in this transaction but in others as well, lies in their unwavering commitment to crafting deals that truly benefit the customer. In an industry where many lenders rely on algorithms and ‘computer says no’ attitudes, it’s incredibly refreshing to work with a team that prioritises a human-led approach to underwriting.”
Tom Shave, the Business Development Manager at Momenta, played a pivotal role in the successful completion of this deal. George shared his perspective “Tom is a true pleasure to deal with. This isn’t my first transaction written with Tom, and across all of our dealings, Tom has always endeavored to keep me updated on where deals are in the process. He has understood any time constraints or quirks in individual deals, and has always been willing to work with us to piece together a deal. As brokers, we are always talking about the need for clear and concise communication with our lenders, and Tom is the embodiment of that.”
Momenta is proud to have partnered with Moorgate Finance Ltd to provide a tailored solution that aligns with the borrowers goals.
Unsecured Business Loan Features:
Here’s what you can expect from our Unsecured Business Loan:
- Loans of up to £250,000
- 60-month Term
- Interest-only option available
- Rates starting at 7.5% + SONIA
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta offers a panorama of lending options, including unsecured and secured business finance, bridging and cash advances. The company’s commitment to transparency, tailored and credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank and upholds the highest industry standards.