Each week, our managing director Mark Smillie sends out his weekly musings. If you’re interested in getting them directly from the source, consider signing up to our newsletter here.


“Dear Business Community,

Last week, I asked a specialist in Secured Loans and Property Development Finance for a “Horror Story”.

(Note: I believe this individual to be in the top 5 in the UK at this type of finance.)

Unfortunately, this story (which I have slightly edited for anonymity) is similar to ones that I hear every week from frustrated company directors. The Finance Company in this case are still all over the internet, and they look so plausible.

The Case Study (An Unscrupulous Funder!)

“We were approached by a client who needed us to get them out of a finance agreement that they entered into themselves, by answering an online add, which promised the impossible. Upon due diligence we uncovered that the funder had taken charges over the applicant’s residence, his buy to let property and also his workshop via an equitable charge, all without his knowledge.”

Naturally, the client wanted to move away from the funder as quickly as possible!

We managed to agree a facility at 1/2 the price he was paying and release further funds to allow business development.


When the client’s solicitor requested a redemption statement to complete the transaction, the client was advised that he would need to pay a fee to release the charges on his assets. When the solicitor referred to the contract, the note regarding this fee was vague, only stating that it would be advised at the time of redemption and at the discretion of the lender – there was no fixed amount!

The fee ended up being in excess of £15,000 to simply remove the charges.

Of course, we acted at speed and increased the loan to accommodate but, on the day of the revised completion, the charge release fees were changed again to £19,500!

What happened?

The client had no more equitable room for us to accommodate another uplift in debt, he had to stay where he was, his finance company saw to that, with their proposed exit charges.

The bottom line? This deal was sold by the finance company as unsecured when in fact it wasn’t.

This business owner was upset, don’t let this happen to you…

I am often asked, “Why should I use you, when I can just go online and get finance myself?”

Well, I’ve said it before and I’ll say it again, anyone can paint a well can’t they? It’s just a professional with experience will do it quickly and well. With a finance broker you have an 80% better chance at acceptance and it can happen in a timely manner, as we know how to package your application and who to take it directly to within the right finance house for you.

Each of our experts in different branches of finance have their own stories like this. Recently we’ve heard a Solicitor is representing about 200 clients in suing one of these rogue companies.

I have been involved in business finance for most of my life. Modestly, I say I am very good, but I work with a team of experts who all specialise in different types of finance. I do this because I know my limitations, I am not an expert in every type of finance, but I know who is.

A specialist should know which of the 100 odd finance companies are offering the best deal for your requirement at this precise moment in time. Our team are regularly getting Interest Rates 20 to 50% cheaper than businesses applying direct.

How? Because we present your application in the way the Underwriter is going to give you the best rate! If you get this wrong it could cost you, double what you could have paid – or worse, flat out rejection.

Why not pick up the phone and tell me about your business. I can be your be your finance Satnav. I’ll help you get to the funding you need quickly and stress free.

Best wishes,

Mark Smillie”

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