Debtor Finance help!

[johnkerr]

Hey Somersoftians,

Not sure if this is the right place to ask this, but its not property related so I figured here would be ok.

I'm helping a friend get his business running smoothly. His business deals with a lot of insurance companies so it has a few cash flow issues. We're looking into these debtor finance dudes.

Any advice on the viability of debtor finance, personal experience with this companies or companies like it would be great.

We're seeing his accountant on Monday I just want to be armed with knowledge!

Thanks guys

 

[Aaron_C]

Is your friend having trouble collecting on outstanding invoices? Consider getting a factoring facility to lend against invoices to aid with cashflow.

 

[tobe]

Most business bankers will offer factoring, or debtor finance. its a much better way of financing a business than a credit line or similar that can be withdrawn at any time. Speak to whoever is currently providing your friends business loans first and then take it from there.

 

[NedKelly]

A friend of mine arranges exactly that sort of finance, he works for FIFO Capital. His name is Steve, I'll PM you his mobile number.

 

[NedKelly]

These guys have their head office in Melbourne and I have worked with them before. They will discount a single invoice whereas most other factoring companies want you to sign over your whole debtor book.

http://www.fifocapital.com.au

 

[coastymike]

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