Our client, the owner of two pharmacies, was looking to restructure and consolidate debt into one pharmacy while also securing an additional $200,000 for a shop fit out. With total debt of $2 million at a 75% LVR, the goal was to simplify their banking and reduce costs.
Allfin’s approach
We tendered the restructure request across the market, including the client’s incumbent bank. This allowed us to benchmark offers, compare terms, and ensure the client had access to the most competitive options available.
The incumbent bank’s offer came in more than 40 basis points (0.40%) higher than the best offer and was limited to a 2 year term instead of 3 years. By moving to a new bank, the client secured a sharper rate and longer term, saving $6,000 per year, or $18,000 over the 3 year facility. For busy pharmacy owners, these savings mean more capital to reinvest in their business, and in this case, funding a new shop fit out while reducing annual finance costs. It’s a clear example of how the right banking partner can make a meaningful difference.
Interested to know how we can support your needs? Reach out to the Allfin team.