The biggest myth out there is that all Finance Companies are the same; this truly is not the case.
By using a Finance Broker you can more than double your chance of raising business finance and it will be a lot easier than you going direct.
For the following reasons
1) Finding the right Finance Company, with over 100 to choose from, it can be very difficult finding the right one. Apart from the High Street Banks, many Finance Companies are industry sector, credit rating or business size led.
Going to the wrong one and you are severely reducing your chances and probably wasting a great deal of your time.
2) Presenting your Company information in the correct manner that the credit department will pass your application, this only comes from knowledge and experience of what the Principles and Underwriters will look for to approve a loan.Different finance companies have different lending criteria, how would you know what ticks their boxes?
By not knowing the Finance Company, you are reducing your chances, considerably. Would you embark on a long drive without looking at a map or having a Satnav to drive you there?
A good finance broker is your map or Satnav.
Well why would you apply for business finance without knowing the quickest and safest and hassle free route route?
3) Avoid leaving unnecessary Financial Footprints which can harm a future application for Finance. They cause a lender to worry about the application as others have clearly turned the business down.
4) There are about 30 Finance Companies we know of, who do not actively advertise, preferring to take applications direct from a finance broker or someone they know. The reason for this is simple; they do not want their time wasted. It saves them time, manpower and money as they do not need to advertise.
A good broker will know what they are looking for
About once a week I am told, well I did apply to this Company but we were unexpectedly turned down at the very last moment.
I am left thinking to myself, they actually went to the right Company, but it was turned down by the underwriters, because they did not fully understand the proposal and to make matters worse an unnecessary financial footprint has been left that might lead to a problem later.
With well over a 100 Finance Companies to choose from, it is possible to say yes to most requests. The biggest myth out there is that all Finance Companies are the same; this truly is not the case.
Some Finance companies have no issue with the Director not giving Personal Guarantees; others are business sector driven and positively welcome any business within the Construction or Building Industry.
Why not pick up the phone and tell me what finance would ideally suit your business, let us be your Satnav.