3 Reasons why borrowing from your book debts is different now

Good morning to you, I just wanted to thank so many of you that have rung me recently and said

“Hi Mark, I have been receiving your emails for so long, you seem to be like an old friend”

When I mention using your book debts to raise finance, I normally brace myself for

“Ugh you mean Factoring”

Well not as you know it

“I don’t want to know about that”

Please read the 3 points below and then call me and tell me what would suit you in an ideal World

“I or a friend of mine did it once and it was a disaster”

I am afraid it can be if you go to the wrong Company, at the last count there were 92 companies who would lend money on book debts. You really need some advice from someone who knows.

Disaster or joy it’s your choice, go direct or take advice, would you take your family across the North Sea or would you go with a Captain who knew the way?

In the “old days” if you are 45 or under, this is really true, when you needed Finance for your Business

You went to the Bank Manager, ran through your needs and if it passed the “common sense test”

The answer was normally yes, if you had a good manager.

Well things have changed and so have Finance Companies who lend on book debts

Are you aware of the following?

Number 1

Do you run your accounts on Sage One, Quickbooks Online, Freshbooks, Xerox, Freeagent,or Kashflow?

Well if you do, how about this (and if you don’t we can still fund single or multiple invoices without an annual charge or any commitments )

There is a Finance Company that will that will give you an entirely free App add on.

This risk assess’ every one of your clients and potential clients, rather nice to have when taking on a new client!

This simple app gives you a figure next to the raised invoice on what you can have as an immediate advance, should you wish an immediate advance.

No charges or contracts to sign, you just pay a charge if you choose to have an advance and nothing to pay if you don’t.

Minimum requirement is that you have been trading for 12 months.

Number 2

How about giving me a check list of what you would ideally want in a full finance arrangement, we can arrange finance for virtually all clients with all credit ratings.

You could wish for 1 or all of the following.

• A finance company where you can speak to a decision maker
• A Finance Company that truly understands your Industry Sector (this is the prime reason where businesses have real issues with a Finance Company, they listened to the salesman, who said they would be fine)

If the Finance Company does not understand your business it is a recipe for disaster, as there will be only 1 loser, this can be so easily avoided you are welcome to call me and ask any questions

• No concentration limits on your clients or you might just have a couple of clients that you wish to Finance
• Receiving payment on Uncertified Applications for Payment and or getting an advance on the take on of a project for supplies to do the job.
• If you have a straight forward business, you might just want the cheapest deal
• A Finance Company that never speaks to your clients

Number 3

This is for Companies turning over above £1.5m and who have accounts showing a profit.

We have a relationship with an extremely well-funded non high street Bank that have an enviable reputation with the way they treat their clients, their client retention is the envy of the Banking World.

They will look at MBO’s and Phoenix Companies, provided there is a good management team in place.

Most bank managers have 150 plus Companies to look after. With this bank it’s usually around 40 to 50 and the manager will probably have a personal discretion of £350k.

This means if you have a request to do or fund something, it can be dealt with over the phone with instant funding.

I started writing this early Sunday morning, it’s getting late now and Mrs Smillie is looking for a bit of quality time with her husband and some lunch.

If you have any questions or queries about Business Finance, then why not pick up the phone and have a chat, the easiest number to reach me on is my mobile 07710 466166.

I am very lucky to love what I do so time wasters are welcome, I do enjoy a challenge.

Best wishes,



If you are new to my e-mails, please look me up on LinkedIn or tap in Ringrose and Co and/or Mark Smillie into Google.

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