“70% of businesses that apply directly for finance are turned down” vs“70% that brokers put forward are accepted”
Finance Companies pay brokers to introduce suitable businesses to them. Brokers like me save them time and a considerable amount of money on employing manpower to process unsuitable applications. After all, why would a busy Company Director want to waste their time on fruitless applications?
The average broker acceptance rate is 70%, but good brokers will be even higher. Mine is 84% – let me leverage my experience into success for your business.
A finance broker should be able to take you to a finance company that is a good fit for you and your turnover, credit rating, industry sector and purpose of the loan.
They will also be able to help you present your case and explain any relevant issues that could cause the proposal to be turned down in the underwriting stage.
If you are looking for any type of business finance (either now or in the future), then you are very welcome to call me on 0800 612 5364.
How to get the best out of a broker:
- If possible, try not to leave a request for finance until the last moment.
- Tell the broker if there is anything in your past that could affect the application, such as company failures, CCJs, or if you are in a “time to pay” arrangement with HMRC. Everything will come out in underwriting (which is right at the last moment, one day before payout), and so it is easier for us to deal with any issues if we know about them first.
- Contact us as soon as possible, before contacting any banks or finance companies on your own and let us help you to improve your application for business finance.
Check out this recent case study
We recently arranged a really good 6-figure loan for a construction company. We managed to get a verbal offer in just day of delivering the required information. This information included:
- 4 months of bank statements
- Management accounts
- The circumstances behind a previous failure
Once we arranged the finance deal, the Company Director said the interest rate was a disgrace. He believed that it was far too high at 16%. I had every sympathy (we cannot control market conditions), and I explained with the past failure and the current credit rating that it was the best we could do and that it was a good deal.
He told us that the banks were offering loans at a quarter of this rate, and that he had seen many finance companies offering rates around 5% or 6%. I tried to explain that his type of loan request was not for the high street banks. When finance companies offer rates at 5% or 6%, this is aimed at the mythical ‘ideal customer’ – largely an advertising rate put out there in order to attract customers to apply. This gentleman came back to us about 10 weeks later, and he wanted to move forward. “I have been thinking over the offer and I have decided to take it.” Not so easy.
This led to 3 issues he had not considered:
- When a Finance Company makes an offer, it is only valid for a limited period. If it is not taken, the offer is withdrawn. If you return to them later, their lending criteria could differ. They might be looking to reduce exposure in your industry sector or have reached their risk bracket for riskier cases.
- Unfortunately, this individual had applied to several finance companies and banks, leaving behind a credit search footprint each time. When the Underwriters see this, it triggers the question: ‘ What do they know that I don’t know? If this loan fails, how will I justify making it when I knew others had turned it down?’
- I initially went to the right finance company immediately, and I knew their lending criteria when I proposed the client.
I am afraid to say that there was no happy ending. I did secure finance for him, but it was significantly more expensive. If only he had taken the original offer, it would have been a much better deal for him.
The moral of the story?
You need expertise and guidance. You’re the expert at what you do, and I’m an expert at what I do.
I am a very lucky man. I love what I do, so don’t worry about wasting my time – pick up the telephone and call me on 0800 612 5364.
I look forward to speaking with you,
Mark Smillie
The note was handwritten by Mother Teresa for Mark’s new-born son George.
Mark Smillie’s Biography
Mark Smillie’s career has been shaped less by formal titles and more by practical commercial experience gathered over decades of negotiation, alignment and resolution.
Raised in London and Hertfordshire and educated at Millfield, he learned early how to navigate different personalities and environments. “The most useful thing I took from school,” he reflects, “was how to get on with people.” It is a skill that has underpinned much of what followed.
“I was born in Canada and returned to the UK at the age of three. After leaving school, I felt the pull to go back. I worked on the land oil rigs, hard, honest work, before discovering that I earned rather more selling cars. The role was commission only. Aged 19, in a dealership of thirty salesmen, I was regularly in the top three. It was an early lesson in where my strengths lay.” said Mark.
Over the years, Mark has built businesses, enjoyed strong commercial successes and encountered setbacks along the way. He rarely dwells on regret. For him, mistakes are part of the education. “If you’re prepared to learn,” he says, “the difficult periods are often what make the better ones possible.” The wins and the lessons are inseparable.
Today, he works in complex commercial situations where something needs resolving. He does not position himself as the technical expert. Instead, his focus is on understanding precisely what the client wants achieved, seeing it from their side of the table before any structure is proposed.
Once the objective is clear, he determines what is genuinely achievable and secures alignment with the client. He then introduces and briefs the appropriate professionals to deliver the agreed outcome.
From that point, he steps back and allows them to execute without interference, remaining available if required to maintain alignment at senior level. His role is not to replace technical expertise, but to ensure clarity, confidence and completion.
Much of his work is necessarily discreet. In one notable case, parents approached him on behalf of their son following a substantial facility obtained from a foreign bank where the anticipated security did not exist. They were deeply concerned about the possibility of fraud allegations and the reputational consequences that could follow. Mark negotiated directly at senior level within the institution, aligned decision-makers and resolved the matter within weeks, quietly and without escalation.
In other matters, he has renegotiated distressed company acquisitions, materially improving pricing and structure; and he has handled complex personal guarantee exposures, often reducing anticipated liabilities through careful negotiation and alignment.
Business finance remains one of the platforms through which he operates, but it does not define his work. “Finance is sometimes part of it,” he notes. “Sometimes it isn’t. What matters is understanding what the client wants and making sure the right outcome is achieved.”
Alongside his commercial activity, Mark has developed a serious commitment to ongoing education. In recent years he has undertaken advanced study in negotiation, generational psychology, personality profiling and artificial intelligence, including programmes led by Darren Hardy. He integrates AI practically into business environments, using it as a tool for clarity and efficiency rather than novelty.
He also produces Jumpstart Your Day, a weekday video bulletin for business owners across the UK, sharing short, practical insights drawn from experience and study. The premise is simple: consistent, focused action compounds over time.
(www.jumpstartyourday.co.uk)
Now based in Eastbourne, Mark remains most comfortable when a situation needs untangling. He is not the loudest voice in the room, nor the most technically decorated. Those who work with him value his ability to understand the person opposite him, establish clear objectives and ensure that matters are brought to conclusion.
If asked to summarise what he does, he tends to keep it simple:
“I work in complex commercial situations, understand what the client really wants, close the client and bring in the right professionals to deliver it.”