All it takes is a legendary partnership!

20 September 2018

We all know the great test match of India vs Australia in Kolkata in 2001. India were in a situation where the match was literally lost and on the verge of facing a series defeat at home against the mighty Australians, people had lost all hopes. Right then, came in the pair of attacking & elegant VVS Laxman and steady & stable Rahul Dravid who put a world record triple century Partnership. They not only saved the test match but India went on to win that unexpected match.

Now you might be wondering,

"Why am I mentioning a Cricket match instance in a financial note?"

It just relates to our recent success story which involved Andromeda and Dravya.

So it was a bright December morning and we (Team Dravya) had arranged a meeting for Andromeda on Home loans with one of their reputed and big client. After the meeting while having a casual talk, Mr. Dewali enquired about builder finance for one of his friend for 50 to 60 crores with past takeover of 40 crore with CA Arun Desai and Mr. Arun Patil directors, Dravya.

Well we just said we can crack the deal and asked him to arrange a meeting with his friend.

Mr. Dewali took it seriously and arranged a meeting on 5th December 2017 at client’s office.

Now, in this case, let’s understand the client’s position

  • Client had a stress account with his previous lender at high interest rate.
  • He also had strong Political affiliations in his profile.
  • The client had knocked doors of almost all of the big institutions for fund-raising options of 50 crores.
  • All projects were under SRA scheme - which is considered as last priority and high risk proposals for construction finance.

So now you might have understand the link of my example earlier, stressed position of client and comes in the partnership of Andromeda and Dravya to help him out.

After assessing the proposal, Dravya proposed a step by step solution for 300 crores to the client. It was a unique, out-of-the-box solution that the client would have never imagined considering his initial feedback from the market.

So our first task was to arrange a good meeting with a probable lender. In this case, a meeting between NBFC and the client was arranged as soon as possible. And as expected, it went well as guided by Team Dravya.

Dravya team worked on the proposal on high priority and after multiple meetings and rounds of discussions, first Head of terms was shared with the client after two months. This first step of the partnership was indeed a harbinger of a flourishing future.

The client on the other hand had kept all his options open to save the situation through other sources too.

Technical and Legal due diligence started for the lender. As the number of projects involved were more and added to that the unorganized team at lenders office, took more than desirable time to complete the procedure.

Final Sanction was shared with the client after 4 months in the end of April which showed the final steps of the partnership. This was the last step of not only saving the sinking ship but make it fully-operational and helping it set-sail in speed.

The conditions precedent to the final disbursement took around 1.5 months as there were interested party cross collateral issues which needed some important changes at management level. The same had to be updated with regulators.

Finally on 20th June 2018 the money was in client’s account after 6.5 months which was the result of the persistent and enduring partnership between Andromeda and Dravya. Our legendary partnership not only saved the match for the client but also opened up gates for unlimited funding options, joint ventures and lending options in coming days.

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