In the last 8 weeks we have noticed a bigger differential than normal, when businesses apply direct for finance (their finance quotes are much higher) and the rate we are getting for our clients is lower.
We think the reason for this is the Brexit issue and the Political uncertainty, Banks and Finance Companies like a stable economy and want to know what the next 12 months looks like.
Let’s face it, I don't think even Derren Brown or Dynamo know!
A business going direct for finance is a one off client, whereas a good Finance Broker has a strong relationship with a finance company and finance companies wish that to continue, hence offer their clients the best rates that they can, think bulk discounts that you offer for large orders or purchases.
Speaking of finance, you must have this type of finance in place…
You sign up with the finance company:
It costs you nothing
No annual fees
No Personal Guarantees
No commitments to use the facility
You can use it if and when you wish to, as little or as much as you like.
Let’s say you suddenly need some funding for Payroll-HMRC-Fund a New Job, in fact anything.
Well with selective invoice financing:
You select particular invoices, and the finance company pays you them in advance. Fast, flexible and discreet. There’s no contractual commitment and no personal guarantee is needed. You just pay the loan back when you’re paid.
Worried about late-payers making it difficult for you? Well now you can have the money from the invoice as soon as you raise the invoice and the finance company can get repaid in 60 to 90 days when they pay you.
You can put in a blend of Uncertified Applications of Payment (providing you have dealt with the client before).
Yes, you really can do this quickly and easily with no personal guarantee or annual contract.
With this type of finance in place, we think you will sleep better and why would you not have it in place?