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Success story spotlight: 6 top deals from 2023 PART TWO

The Nero broker team works incredibly hard, and it shows. 2023 saw us achieve a whopping $52 million in settlements for ambitious business owners right across Australia.

To celebrate the year that was, we’ve been taking a deep dive into our Top Six Success Stories. Did you read Part 1? Now, it’s time to reveal Part 2.

1. Chris Cook: Overcoming Credit Woes

Navigating the bright lights of the lender world can be tough as a new business owner, and unfortunately, Chris’s client Josh learned this the hard way. The owner of a burger bar in Victoria, Josh had been successfully operating for just over 12 months when he went on the hunt for finance solutions to help his business expand.

Excited by the (seemingly) endless array of attractive loan options, Josh made multiple enquiries and quickly racked up three unsecured loans with three different lenders. When he reached out to Nero for additional funds, Chris had to give Josh the bad news that all of this activity had adversely affected his credit file. Particularly with no assets to leverage, Josh had unknowingly diminished his chances of getting another loan.

Chris’s first move was to connect Josh with a credit repair company to improve his credit rating and alleviate some of the enquiries on his file. Then, Chris looked to consolidate Josh’s existing loans. He was able to refinance everything into one, easy-to-manage unsecured loan with favourable terms, and negotiated an additional $25,000 that Josh used to bolster his cash flow and cover some pressing business expenses. On consolidating Josh’s loan, we reduced his overall monthly repayments by a whopping 35%!

A crucial aspect of this deal was the work Chris did to educate his client on the financial landscape, to ensure Josh was left in a stronger position. Josh was able to secure the additional funds he needed, but he also benefited in having his debt consolidated, and was equipped with the tools and strategies he needed to avoid falling into the same trap in future.

Nice one Chris!

2. Amelia Schoenfeld: The Holistic Approach to Brokering

In 2023, the Nero team were lucky to welcome several new brokers, including Amelia in the Melbourne office. Amelia was in her first two weeks at Nero, when she got an enquiry from a business owner named Bailey, who owned a flyscreen installation company in New South Wales.

Bailey came to Amelia looking for cash flow support. His business had taken off and he wanted to grasp the growth opportunity by purchasing new stock and a commercial property. However, he’d previously been a director of a company that experienced an adverse event after he left - but it was still reflected on his file. While Bailey was aware of his history, he hadn't realised its implications on his creditworthiness, and previous brokers had failed to provide him with proper guidance over the years.

Amelia's success in this deal stemmed from her deep understanding of the lender landscape and her knack for identifying a finance partner willing to accommodate Bailey's unique situation.

The result? Amelia secured a $40,000 cash flow loan for Bailey - double his initial request! She then referred him to Nero’s sister-company, Ambition Finance, to facilitate the mortgage he needed to purchase a commercial property. Bailey was absolutely wrapped with Amelia’s broker service, and has already been back in contact for more finance support.

Handling such a complex case in her first month has highlighted Amelia’s innovative thinking and holistic approach to brokering. Congratulations Amelia!

6. Julia Paton: and the long-term clients

Julia’s relationship with her clients Tony and Amy began in mid-2022 when they approached Nero for a business loan. Proud owners of a popular café in Queensland, they aspired to venture into new territory with a food truck business. Julia quickly secured a line of credit facility, facilitating the cafe's transition and bolstering its cash flow. Within a month, they were ready to acquire their first food truck - and it went gangbusters!

After a successful month in the food truck business, Tony and Amy eyed the next growth opportunity. Identifying a fantastic location near the beach, they enlisted Julia's expertise once again to secure their second food truck. The beachside brunch and coffee concept thrived, attracting ample foot traffic and marking another triumphant expansion of their business.

Fast forward to June 2023 (just two days before the End of Financial Year) and Tony and Amy reached out to Julia again; this time, chasing a more powerful vehicle to tow their trailer. Hoping to capitalise on the instant asset write-off scheme, this gave Julia just 24 hours to secure the loan. Drawing on her previous experiences with Tony and Amy, she knew the ideal lender to approach, and by 2 pm the next afternoon, her clients were driving away in a brand new vehicle.

Since Julia’s lightning-quick work at EOFY, Tony and Amy have maintained monthly contact, updating her on their operations. They are currently looking to purchase more food trucks and plan to expand their business by renting them out to others. It’s safe to say that Julia will be their go-to-broker to help them get there! Well done Julia!

‘I couldn’t be more proud of my team for their results in 2023,’ says David Crook, Managing Director at Nero Financial. ‘Each broker brings a unique spark and a dedicated work ethic every day. No matter who a client works with, I am confident that the service they receive is second to none. What can I say - I love my team!’

The broker team at Nero Financial are excited to tackle 2024 with even more energy and passion. If you’re searching for a commercial broker that’s got your back (and that of your business), speak with us today or call us on 1300 025 949.

*Disclaimer: names of people and businesses have been changed for privacy reasons.