I thought you might be interested to hear about some of the different Businesses that I have spoken to in the last week (most of our clients look for finance between £30k to £300k and they have a complete variety of credit ratings) mainly in the Construction Sector, Manufacturing and Hospitality (Hotels, Restaurants and Pubs) areas.
3 months ago we had secured a £450k offer of finance for a Hotel in Scotland, but at the last moment their Bank had said they would definitely do this, the rate was not much different but the Directors felt a loyalty to their Bank.
Well after continuing to supply more and more information they rang us back in total frustration ( I hear a similiar story every week).
We should be able to arrange funds within a week, and on their Merchant Cash Advance arrangement which comes to end in about a month, we will be able to save them about twenty percent on their interest and fees, we get bulk turnover discounts.
We had a construction company call us in the Midlands, they had had their time wasted by two finance brokers who did not know or understand the construction sector and they had scatter gunned applications for finance, hoping someone would approve a loan.
My father was a Builders Merchant (and his father), I have been in this sector all my life. Well we are arranging a £600k loan over 6 years with no personal guarantee.
On the 29th October a building firm rang to say they normally built for others but had a plot with planning, we arranged 100% finance for £645k and then after purchase,at best price, secured a loan for the building costs, not bad in less than 2 months.
We also had a construction company with 2 unpaid CCJ’s, we helped secure finance to pay these off and fund their ongoing contracts and pay the workforce.
You might be interested to know, one of the busiest times of the year for Finance Companies is end of January, February and March, this is when many businesses seek finance.
Well the age-old law of Supply and Demand applies to business finance too, prices are at their highest when you need something most(think booking flights in school holiday time).
But this year I think things could be different, you could be paying a lot more for finance in a few weeks time.
Banks and Finance companies hate uncertainty, well with Brexit or another vote and even a change in Government, they might wish to build up their reserves, which could mean charging more and being more selective.
You might consider putting your finance in place sooner rather than later, you are welcome to call me on my mobile 07710 466166.
If you know who to approach, Business loans are readily available, be it to pay HMRC, management buyout, fund or complete a project, asset purchase or company growth and expansion (the secret is knowing where to go and how to package the loan).
I typically get a phone call once a week, that starts with
“Hey Mark, I have been receiving your emails for years now, can you ………………….”
The answer is normally yes, having built up a contact base to die for, over 20 years.
If your business is looking for;
Any type of business finance that is what we do, including property development.
Why not pick up the phone and tell me what finance would ideally suit your business.