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The latest Business Finance news and tips...

  • Writer's pictureMark Smillie

Happy New Year! Why Use A Business Finance Broker in 2019?

A Happy New Year from all of us here at Ringrose Business Finance! If you have a resolution to grow your business this year, get in touch with Mark, and see what we can do to help!

Why Use A Finance Broker? Just Look At What We Achieve…

I learnt a valuable lesson last week, I was at a party and a successful businessman asked me

"Why would a business need to use your services when they can just go to the Bank or a Finance Company direct?"

Well I started to tell him what I mention most weeks, that a good finance broker, does this every day and knows which of the 100 odd finance companies is the best bet for your requirements. We know how to best package the application and we know what the Underwriters want to get the best rates.

His eyes glazed over and he wasn’t the slightest bit interested. So that's when I mentioned 3 cases that were financed in December.

Case 1

A business approached a Finance Company direct and was offered a rate of 10.9% they then came to us and we achieved a deal at 4.9% saving them a massive 6% per annum, the client had funds in their account in 4 working days (it did help they had paperwork to hand, it did need some tweaking though).

Case 2

A bit like buses, we had 2 similar companies approach us at the same time in December, and financed them both at 3.2%, they could not believe the rate as they were expecting 6 to 7%, in fairness we were surprised to at the rate, but the finance company told us they were looking for this type of client and they delivered on the rate.

Case 3

A construction company came to us on I believe Wednesday 12 December and needed £250k ideally the following week, they had been let down over expected payments, cleared funds were in their account on Friday 21st December, we knew where to go to and dealt with a decision maker.

After I had explained these particular cases to the businessman at the party, he was certainly interested in what I had to say and understood the benefits of using Ringrose Business Finance. It seems he wasn’t interested in how we do things but he was very much interested in the results we achieved, a valuable lesson learnt on my part.



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