MICHAEL MCCAUL SIGNS LIMITED

Funds Raised

£49,590.00

Final AER

19.70%

Loan term

60 MONTHS

Auction Closed

2018-07-04

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About the Business

Company Name: MICHAEL MCCAUL SIGNS LIMITED Company Number: NI628302
Business Type: Years Trading:
Business Location: Newry

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

Personal Guarantee - PG from Michael McCaul

Est. Equity: 50000.00

Corporate Guarantee - Guarantee from Michael McCaul Signs (Ireland) Limited

Est. Equity: 0.00

Risk Indicators Identified:

Low Security Coverage
The security offered on this loan is below desirable levels
Below Average Business Credit Rating
A 3rd party credit rating agency has indicated that this business is above average risk.

Important Files

Who are we?

Michael McCaul Signs has raised money through rebuildingsociety.com previously. This new loan will be used to refinance the old loan. If you currently have Capital Outstanding on the existing loan you can transfer this to the new application, by making use of Transfer Bids.

Visit the existing loan here

Michael McCaul Signs Limited was formed in December 2014 and is a sign writer and manufacturer based in Newry, Northern Ireland, servicing a mix of locally based private and public sector customers. The company is an established borrower at Rebuilding Society, having deployed lender funds in July of last year when buying two machines. The account has run smoothly since drawdown with no missed or late payments It was anticipated at that stage that the new equipment would enable sales to increase to £500K+ and profit to £50K+. As the machines did not, ultimately, become operational until September, both have been modestly undershot, but tracking close to expectation pro rata.

Read more

Loan Offers

What is the loan for?

New loan funds of £25K will enable the company to acquire a second hand aluminium folding machine allowing the business to offer new product lines as well as increasing operational efficiency. A new version of this machine would cost £45K+, but Michael has sourced a 2 year old unit for which he is paying £30K With the additional capacity as an outcome of this acquisition, sales in the current financial year are expected to exceed £600K and NPBT increase to £75K This loan is for a total sum of £46K plus fees to provide the new funding required together with redemption of the pre existing ReBS loan of £21K.

Why consider investing?

The company continues to expand with retained profit improving net worth. Financial performance can be summarised as follows: As security, the guarantee of the sole director and shareholder, Michael McCaul, is offered. Michael's personal net worth is assessed at £55K. He owns his residential property valued at £175K upon which a £99K Nationwide mortgage outstands. He has given a guarantee Funding Circle of £10K and personal debt of £11K. For the benefit of lenders, a redacted valuation report of Mr McCaul's residential property has been uploaded to the listing, as supplied last year. Whilst there may be some increased value in the property since the last valuation date, for the purposes of this application, it is left as was in order to take a conservative view. As well as the PG, a corporate guarantee will also be provided from Mr McCaul's other company, Michael McCaul Signs (Ireland) Limited

Security

This loan will be secured with a Personal Guarantee from the sole director, Mr McCaul and a Corporate Guarantee.

A PG from Michael McCaul will be provided. Mr McCaul has an estimated net worth of £50,000. This is derived from his ownership of his domestic residence, a property with an estimated value of £175,000 and an estimated £75,000 equity.

A Corporate Guarantee will also be provided from the director's other company, Michael McCaul Signs (Ireland).

DateAmountCapitalInterestReceived
07/08/2018£1,305.60£491.45£814.15
07/09/2018£1,305.60£499.52£806.08
07/10/2018£1,305.60£507.72£797.88
07/11/2018£1,305.60£516.05£789.55
07/12/2018£1,305.60£524.53£781.07
07/01/2019£1,305.60£533.14£772.46
07/02/2019£1,305.60£541.89£763.71
07/03/2019£1,305.60£550.79£754.81
07/04/2019£1,305.60£559.83£745.77
07/05/2019£1,305.60£569.02£736.58
07/06/2019£1,305.60£578.36£727.24
07/07/2019£1,305.60£587.86£717.74
07/08/2019£1,305.60£597.51£708.09
07/09/2019£1,305.60£607.32£698.28Not Due
07/10/2019£1,305.60£617.29£688.31Not Due
07/11/2019£1,305.60£627.42£678.18Not Due
07/12/2019£1,305.60£637.73£667.87Not Due
07/01/2020£1,305.60£648.20£657.40Not Due
07/02/2020£1,305.60£658.84£646.76Not Due
07/03/2020£1,305.60£669.65£635.95Not Due
07/04/2020£1,305.60£680.65£624.95Not Due
07/05/2020£1,305.60£691.82£613.78Not Due
07/06/2020£1,305.60£703.18£602.42Not Due
07/07/2020£1,305.60£714.73£590.87Not Due
07/08/2020£1,305.60£726.46£579.14Not Due
07/09/2020£1,305.60£738.39£567.21Not Due
07/10/2020£1,305.60£750.51£555.09Not Due
07/11/2020£1,305.60£762.83£542.77Not Due
07/12/2020£1,305.60£775.35£530.25Not Due
07/01/2021£1,305.60£788.08£517.52Not Due
07/02/2021£1,305.60£801.02£504.58Not Due
07/03/2021£1,305.60£814.17£491.43Not Due
07/04/2021£1,305.60£827.54£478.06Not Due
07/05/2021£1,305.60£841.13£464.47Not Due
07/06/2021£1,305.60£854.93£450.67Not Due
07/07/2021£1,305.60£868.97£436.63Not Due
07/08/2021£1,305.60£883.24£422.36Not Due
07/09/2021£1,305.60£897.74£407.86Not Due
07/10/2021£1,305.60£912.48£393.12Not Due
07/11/2021£1,305.60£927.46£378.14Not Due
07/12/2021£1,305.60£942.68£362.92Not Due
07/01/2022£1,305.60£958.16£347.44Not Due
07/02/2022£1,305.60£973.89£331.71Not Due
07/03/2022£1,305.60£989.88£315.72Not Due
07/04/2022£1,305.60£1,006.13£299.47Not Due
07/05/2022£1,305.60£1,022.65£282.95Not Due
07/06/2022£1,305.60£1,039.44£266.16Not Due
07/07/2022£1,305.60£1,056.50£249.10Not Due
07/08/2022£1,305.60£1,073.85£231.75Not Due
07/09/2022£1,305.60£1,091.48£214.12Not Due
07/10/2022£1,305.60£1,109.40£196.20Not Due
07/11/2022£1,305.60£1,127.61£177.99Not Due
07/12/2022£1,305.60£1,146.13£159.47Not Due
07/01/2023£1,305.60£1,164.94£140.66Not Due
07/02/2023£1,305.60£1,184.07£121.53Not Due
07/03/2023£1,305.60£1,203.51£102.09Not Due
07/04/2023£1,305.60£1,223.27£82.33Not Due
07/05/2023£1,305.60£1,243.35£62.25Not Due
07/06/2023£1,305.60£1,263.76£41.84Not Due
07/07/2023£1,305.60£1,284.51£21.09Not Due
Total:£49,590.00£28,746.00