Import finance

[cheekymeerkat]

Can any fellow PH's advise what repayment terms they get from their bank's when importing stock?

I have the fortunate arrangement of paying for my Chinese containers only once they have docked at Southampton. A few days before it docks, I instruct HSBC Trade Finance to pay the supplier, and then I have to pay the import loan back 35 days later. It's a revolving facility that I can call on any time.

CASH IS KING so I would much prefer 60 days, the interest is paltry anyway but HSBC insist on 35 days being the norm??

It's got me thinking how my UK suppliers cash flow arrangements are, as I know some of them import for example a container of garden product to sell over 6 months, however if they only get 1 month to pay for the stock, that must be a killer for cash flow?

[cheekymeerkat]

Thanks for your reply,
We pay 4.5% interest (annual) on any loans, but HSBC do have personal guarantees, and a charge against my home as collateral.