When you use a Sat Nav, the GPS directions given will be based on your specific destination. The machine will guide you from start to finish, knowing not only the route but every deviation, twist and turn along it. Furthermore, if you take a detour, it leads you right back on course.
Now imagine the road ahead is a business cash shortage, and the only way you’re getting from here to the other side of that successfully, is if you know the road ahead.
Surviving that cash shortage is going to take planning, as well as an understanding of not only the main roads, but the A roads, B roads and even the lanes. Has anyone got a map? Well actually, yes.
You are 80% more likely to reach your financial destination if you use a guide (aka a broker). This is simply because brokers know the roads that you don’t.
For example, you set out yourself visiting the first lender you know, they reject you – black mark. You go to the next one, same problem. One more? You can forget about this for another six months now because your credit is ruined. But telling someone who understands the road you need to take and has access to many routes, will point you in the direction of most likely success.
The secret to surviving a business cash shortage is to seek the correct path through it.
Securing a Business Loan
When your business needs funds, it’s a good idea not to negotiate directly with a lender yourself as, there’s only a 30% chance of acceptance. That’s because it’s likely you won’t go straight to the correct lender, only one that you know, not to mention, you likely won’t know what to say to be accepted.
To guarantee a business loan you’ll have to:
1) Identify a finance company that fits into your turnover bracket, market sector, and accepts your credit rating. This sounds fairly straightforward, but consider how many you know, do you know who they want to give credit to? When there are so many to choose from it’s difficult to get the right one without previous experience. And even if you find the right one, you must get the second bit right…
2) Prepare the application in the way that the proposal has the best chance of being accepted and understood by the underwriters, making a small mistake can add another 5% to your interest rate. Remember, you never get a 2nd chance to make a 1st impression.
About Ringrose Business Finance
Ringrose Business Finance has very successfully been the trusted “GPS” for hundreds of companies over the past 25 years. We have helped them quickly change their situation. We have put smiles back on their faces and allowed their directors to sleep better at night.
We pride ourselves in our relationship with our lenders. We know what they want and how to package the funding request to the lender to get the best interest rate for you.
Ready to learn more? Contact us today for a no obligation chat.
Construction Finance Specialist
If you are in the construction sector or doing a property development and need finance then talk to us. For this type of finance you’ll need a specialist, and this is our area of expertise.