Loan broker / advisor

[welcomebrand]

Hi,

I'm looking to try and take out a £100k (apx) business loan as we've had some recent opportunities to expand our inventory through new suppliers who we've spent a long time trying to open a business relationship with who have now offered us far more than we can afford to buy out of our own funds and would represent a superb opportunity to expand our selection that may not be available again (due to extremely long and often unreliable lead times).

Been trying to reach out direct to major banks but the process seems to be a mix of ghosting or loop of AI chatbots etc to even try and apply for a business loan.

The other alternative seems to a huge selection of companies who will search the market for you but then their fees on top of the interest are pretty eye watering.

Wondered if there are any brokers here who might be open to a quick chat about our requirements?

Cheers!

 

[Mark T Jones]

I am a broker, though specialise in funding premise fit-outs.

I can point you to some reputable brokers if you wish

First, it would be useful to understand a few things like

- what are your expectations/parameters on rates and terms?

- Do your accounts/ projections justify/support the loan

- are you a UK home-owner?

- Is there any additional security on offer?

These are the first things that any reputable broker will want to address (a dodgy one will make loads of promises before throwing the deal around the market and hoping)

 

[welcomebrand]

I am a broker, though specialise in funding premise fit-outs.

I can point you to some reputable brokers if you wish

First, it would be useful to understand a few things like

- what are your expectations/parameters on rates and terms?

- Do your accounts/ projections justify/support the loan

- are you a UK home-owner?

- Is there any additional security on offer?

These are the first things that any reputable broker will want to address (a dodgy one will make loads of promises before throwing the deal around the market and hoping)

Thanks Mark,

Ideally looking for a 5 year term with early payback option if possible and in terms of rates etc I'm looking to get some options really. I spoke to befund.org yesterday and their deal worked out at £150k to borrow £100 which felt rather steep tbh.

I'd hope our accounts will justify it but without knowing what they're wanting it's hard to say. We've been established for more than 10 years with solid revenue growth over that time.

Security wise, again, open to discuss with a relevant expert/advisor - obviously I know most loans require a personal guarantee of some sort but my preference would be to not mix business/personal but I guess it depends what is available.

If there's anyone who springs to mind let me know.

 

[Mark T Jones]

10% PA doesn't sound out of court to me but like everything, the underlying financials will have some impact.

You won't get an unsecured loan without a PG - many will stipulate a home-owner PG

@Gordon - Commercial Finance of this parish may be able to help

 

[noodler]

Have you explored alternative suppliers ? if you are importing from China , the suppliers can often provide you the goods with generous payment terms , in some cases splitting the payment over 12 month or more

 

[PaulThompson]

Hi - Sorry I'm a bit late to the party!
Have you got this sorted now @welcomebrand? If so please ignore the rest of this post!
We may be able to help, we do work with BEFund but they are one of a range of lenders in this market.
I'm open to a quick call to get some facts then see where we can go?
Take care
Paul