A six-figure commercial mortgage from Allica Bank has helped a vehicle import company acquire a new £ 900,000 operating site to meet growing demand for its services.
My Car Import, based in Leicestershire, which handles every step of the registration and importation process wherever a vehicle is in the world, previously operated at three leased properties. After growth of 70% in 2020, the company wanted to acquire its own premises, and in particular half a hectare of land that can accommodate more than 300 cars, as well as offices and workshops.
The deal was negotiated by 2XL Commercial Finance, the commercial finance company specializing in corporate and real estate finance. 2XL brought My Car Import and Allica Bank together due to the latter’s flexible lending approach, which meant it could achieve a higher loan-to-value ratio (LTV) than was possible with other banks .
Jack Charlesworth, Managing Director of My Car Import, says the loan will allow the company to further expand its operations: “Although the pandemic has caused significant challenges, we have been incredibly fortunate to be able to continue to grow the business. in the past 18 months. With the support of Allica, we recently acquired new premises with modernized workshops in Castle Donington, doubling our previous storage capacity and giving us the opportunity to grow the business in the years to come.
Darren Willoughby, Managing Director of 2XL Commercial Finance, said he was impressed with Allica’s flexibility: “This was the second case we were doing with Allica Bank and as a commercial brokerage firm with over 15 years of experience. , we are understandably skeptical about the use of a new bank on the market. However, I found Allica’s credit underwriting, understanding of the business, and communication to be excellent throughout. Allica provided first class support to a first class customer.
Garry Wilkinson, Senior Director of Business Development for the Midlands at Allica Bank, says this is the latest example of Allica enabling SMEs to succeed: “Companies that have managed to grow despite Brexit and the pandemic, like My Car Import, must get the financing they need to expand their business. We are delighted to have used our specialist experience in the Leicestershire region to facilitate the growth of an exciting and innovative business.