After 35 years in business finance, I still see the same three finance mistakes crop up again and again, and they cost businesses deals they should have got.
Mistake 1: Assuming all finance companies are the same.
They’re not. There are over 100 lenders out there, each with different criteria based on your turnover, credit rating, sector and purpose of the loan. Go to the wrong one, and you’re turned down or overpaying. This is exactly why 70% of businesses that apply direct get rejected. Through a broker, that number flips, 70% are accepted. My success rate sits at 84%.
Mistake 2: Shopping around and making multiple applications.
This one stings. When 70% of direct applications get turned down, rejected applications start stacking up fast. Multiple credit searches make underwriters nervous; they talk to each other, and once you’ve got a reputation for doing the rounds, offers start disappearing. I’ve seen good deals fall apart at the last minute because of this.
Mistake 3: Going to the right lender but packaging the application badly.
This is the one that really hurts. Turned down not because of your business, but because of how the application was presented. Every underwriter has things they want to see and things they don’t. After 35 years, I know exactly what that looks like, and I have direct relationships with the decision-makers, not a contact form or a call centre. Watch my recent video on this.
All three are completely avoidable with the right broker in your corner.
If you’re thinking about finance at any point, feel free to give me a call. I’d love to have a no-pressure chat and point you in the right direction.
Still making multiple loan payments every month? If you’re making three separate payments, there’s a good chance we can consolidate them into one cheaper payment. £20k to £4m, all credit ratings considered. Surely it’s worth 15mins of your time to see if I could help you save thousands this year?
