Asset finance for a casino in London

A broker we've worked with for many years came to us a year ago, with a client in the gambling sector who was looking to borrow £30,000 in asset finance over a three-year period to finance new slots machines at a casino in London.

Gambling is a sector that many lenders avoid, but at Rivers we are non-sector specific and always look at the business case for finance, rather than limiting our outlook based on industry.

The client's credit score meant that part of the agreement was for them to pay a 10% deposit, alongside which they were able to provide two homeowner guarantors. As a result, we were able to offer them £27,000 over the three-year term they wanted.

Initially, the client decided not to take up the offer, but returned a year later to revisit it. In that time, nothing had changed except that our rates had come down while broker commission remained the same. The client was delighted that they were able to proceed with the funding at a reduced cost, while the broker was still recompensed for their hard work.