Recently, I had the pleasure of being interviewed for an article in a subscriber-only business magazine, one of the questions I was asked, is probably my most often asked question.
“Mark, I know you have been finding business finance for a long time – what types of finance are easily available, and do you have any tips on raising finance?”
To cut down on your reading, I have a ‘simplified’ answer on what is available and some tips that my prove helpful in saving you time, frustration and money.
Short term loans
2-24 months are easily arranged normally within a couple of working days, virtually all credit ratings are considered. The rates vary considerably and can be very high, we regularly find clients are paying as much as double the interest rate, because they applied direct.
Mark’s Top Tip – Short term loans are expensive, so why not take out a mid-term loan? Typically they are cheaper AND you can ask me to ensure there are no penalties for early repayment. Your monthly repayments will be lower and you can pay back when you wish!
Mid-term unsecured loans
Tend to be from 2 to 5 years, our contact base is very strong on this type of loan; rates are competitive, typical set up time is 2 to 10 days. The main players in this market have preferred brokers, which enjoy direct access to senior staff, their clients get special rates and they have higher lending limits. Why do they have preferred Brokers? Simply, when businesses apply direct it is quite normal for 70% to be turned down. It is a numbers game, and this causes so much of the finance companies time to be “wasted”. Brokers know what the companies look for, and we regularly hit an 80% acceptance rate for our clients. Hence the Finance Companies want to save time and deal with the very best brokers, and offer incentives for quality broker prepared clients.
Mark’s Top Tip – With both of the above short and mid-term loans it is important to mention to us anything in the past that could affect the loan in Underwriting (because almost certainly it will be discovered at this time).We just need to know up front, and then we will know who best to approach and can deal with any issues right at the beginning, avoiding a last minute rejection or you paying a crazy interest rate.
Property and Development Finance and all Secured Loans.
We can assist in any type of loan on a property or development finance, in most cases a valuation is needed (no valuation needed for straight forward home loans) from valuation we can have funding in place normally within 3 to 21 working days (again, we know who to go to and will probably be dealing with a decision maker, many lenders do not deal direct with the public or unapproved brokers, it saves their time been wasted).
Mark’s Top Tip – A specialist is needed for this type of finance; a standard broker is not good enough let alone applying direct. Every week a client tells me that they were let down at the last moment by their bank, 3-4 months of constantly supplying information and then a let down on the day of exchange. Or they say that they’ve been hit by a constant stream of extras, when they want to draw down on stage payments. I believe I have the best property/construction finance specialist on my team
Trade Finance UK and Worldwide
We can fund from start to finish, and bridge that gap between placing your order with your suppliers and getting paid. This is both UK and Worldwide.
Using your Invoices to raise Finance
At the last count there were 92 Finance Companies who would lend money on your invoices. I believe we can cater for every request, most of which do not require a personal guarantee; it’s just a question of knowing which of the 92 companies to approach! It’s easy if you know how.
Pick up the phone and tell me what you are looking for, my job is to make raising your finance as easy as possible for you. I am a lucky man, I happen to love what I do, and that is find business finance quickly and easily!
I look forward to speaking to you, you are welcome to call me direct on my mobile if you wish 07710 466166.
PS. Do you have an Invoice Finance facility at the moment? Then you are probably paying too much; please watch this short video and save yourself a bucket full of money!
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