Don’t delay applying for business finance or leave this, until you really need the funds (the earlier you apply for finance, the easier you will find it to get and the CHEAPER it will be).
A client rang me 10 days ago, he has been receiving my weekly emails for years and says, “Hey Mark, I have a major client who I can’t get credit insurance on and I know I am going to need some finance”.
We have similar cases about every 2-3 weeks, the reason changes, it could be we have a new order that needs funding- clients our slow in paying- seasonal business slump, it can be any reason.
The client says can you arrange a loan, sure I say no problem and it isn’t.
But they have not sent through the paperwork yet and it is easy standard stuff.
Experience tells me, they will probably leave it for another couple of weeks. They know in their hearts they will need the funds, but they can get by for now, so it gets put on the back burner.
So, what? You might say, it’s up to them, sure it is but, I am afraid it is going to cost them.
Finance companies pay close attention to your last six months’ bank statements (some high-tech computer programs get involved in this).
They will sense/predict that your cash flow situation is on a downward trend.
And 1 of 4 things will happen, sure as night follows day.
- The computer algorithm between this week’s cash flow and what it was 12 weeks ago will be different, which means they will charge you a higher rate.
Instead of paying 9% interest, it could go to 14-18%, just by waiting a few weeks.
- This could prompt the finance company to ask for further information, which normally preempts a reduced loan offer, a higher interest charge or rejection. Whereas it would have sailed through a few weeks ago.
- At the last minute in underwriting, the day you are expecting funds, your company could receive a call from the finance company (completely out of the blue) just asking 1 easy question, get this wrong and the expected funds will not arrive.
Well, that’s it for another week, I do hope this message might save you some stress and money.
Why put yourself under extra pressure, you do your job and let me do mine, that way we will both do what we are best at.
I have been doing this for over 25 years and have built a list of decision-makers who have a can-do attitude.
Please feel free to pick up the phone and call me.
Very best wishes,
Here are 2 different types of business finance you might be interested in
1) Do you do property/building development or looking for a commercial loan short or long term?
Or are you looking for any type of secured Loan?
As you know this is a specialist area, go to the wrong finance company or finance broker who does not totally specialise in this area of finance and you could have 2 months of false expectations and then disaster or end up paying more than you should.
Well, one of our team, that is now on board with us, is an absolute specialist in this area and has been for years and we are doing some amazing hassle-free deals very quickly at outstanding rates. I have been involved in Finance for over 25 years and this one area of finance can be very difficult. I reckon Sarah might be the very best.
She knows the decision-makers of most of the finance companies and banks that do this type of finance and she really knows how to package a deal in the way they want to see it.
If you have ever rung us in the past and we could not get the deal you wanted, then please get back in contact, and be prepared to be amazed.
2) Raise money from your invoices- No Personal Guarantee- No monthly fee or annual contract
Simply choose single or multiple invoices (that you are owed) and collect them as normal, But the finance company will pay you now for them. There are no annual fees or permanent fixed monthly fees or annual contracts, you can use the finance company as much or as little as you want (or need) to.
We also can arrange Invoice finance for Non-Homeowners with all credit ratings.
Whatever type of business finance you are looking for, I will try and make it as easy as possible for you, so pick up the phone and call me on 07710 466166 and let my experience help you.