$60K line of credit in the fitness industry

$60K line of credit in the fitness industry

Client background

The client was one of four directors in a fitness studio and had been operating the studio for over 10 years. The client had significant management experience in managing the existing site and managing several others in a consultancy capacity. The client had an existing ATO debt and was looking for suitable funding options for a line of credit option to help buy out an existing director.

Case complication

The client wanted to explore unsecured cash flow facility. However the lender market sentiments in the fitness space remained conservative and risk averse. This was further compounded by additional factors such as no significant positive changes in the revenue and uncertainty about ongoing business operations in lieu of directorship changes.

Swoop outcome

Swoop team worked very closely with the client to understand their exact needs and offer tailored options keeping in mind the factors identified above. Swoop was able to work with an alternative lender and help obtain an unsecured line of credit. Once the client approved of the option, Swoop was able to secure a quick turnaround and have the funds available to the client within a week.

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Disclaimer: Swoop Finance Pty Ltd (ABN 52 644 513 333) helps Australian firms access business finance, working directly with firms and their trusted advisors. We are a credit broker and do not provide finance products ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Swoop Finance Pty Ltd can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness, we may receive a commission or finder’s fee for effecting such introductions. Swoop Finance Pty Ltd does not provide any kind of advice and in giving you information about providers products, we are not making any suggestion or recommendation to you about a particular product. Offers of finance are subject to a separate assessment process by the provider and subject to their terms and conditions. If you feel you have a complaint, please read our complaints section which is contained within our terms and conditions.

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