CBILS and consolidating....

[batmanreturns]

Has anyone had any success with finding a lender that will allow you to refinance existing business debt under a CBILS loan? Most places i've been to so far won't allow it so interested to hear if anyone has had success?
thanks

[hepy]

I work for a high street bank and it's not something we allow, albeit I'm sure some borrowers have done repaid other borrowings. Plus most high street banks will only offer CIBLs for their own customers.

Would be worth trying a finance broker, as they should know which lenders will offer this.Try nacfb.org/ .

[Junior Bianno]

Have you tried Funding Circle? No experience with them, but the amount of junk mail they send me about CBILS indicates they're keen to lend.

[Trophy Husband]

We had our full £250k from Funding Circle. They were very easy to deal with. Took a short time to sort out once we decided at the last minute to go for it.

[Big_Dan]

It's for working capital - there's quite a few rules about how you can spend it

[Sy1441]

As everyone says, you're not allowed to use it for consolidating debt. Many businesses have used BBL and CBILS to refinance debt due to the preferential terms and the highly unlikely event that it would ever be picked up let alone acted on.

[LaurasOtherHalf]

Trophy Husband said:

We had our full £250k from Funding Circle. They were very easy to deal with. Took a short time to sort out once we decided at the last minute to go for it.

Interesting, I took out the £50k BBL and want to pay it back and take out a CBILS for £250k for working capital. The reasons are sound (IMHO) but due to being a property developer I've come across some resistance.

Do you mind expanding on your circumstances?

[Birkin1932]

Somebody needs to tell Funding Circle its not for refinancing, they are writing to borrowers and asking them if they want to refinance their current loans to CBILS, not good if your an investor in FC as you lose your income from that loan. I think its a disgrace and also putting the risk on the tax payer