$1.2 new business funding in the fitness industry

$1.2 new business funding in the fitness industry

Client background

The client was seeking to open a greenfield site for a fitness franchise in Melbourne and was looking for startup funding. Swoop had an ongoing funding relationship with the franchise network hence making it easy for the client to get in touch with Swoop. The client had minimal capital contribution but had been a past club owner for 15 years and was currently on a PAYG income. She did not have significant management experience however data showed her to be a great operator.

Case complication

The client was seeking a business loan against a property under her and her husband’s name where both the client and her husband were PAYG. They had previously been in touch with alternative finance providers but were overwhelmed with the application process. The lenders were also asking for a detailed business plan and financial modelling. The client was not receiving adequate start up guidance and were having difficulty establishing debt serviceability.

Swoop outcome

Swoop team worked very closely with the client to understand their exact needs and offer tailored options. As highlighted, detailed business plans and financial modelling had to be created for funding matching. The Swoop team was able to work with the client and the franchisor to create the modelling documents as well as arrange valuations for the business as per the lenders criteria.

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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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