Financing for business can be essential. This may be to fund expansion, support cashflow or purchase assets. We have a wide range of Finance options available to you as part of Company Wills independent offering. Our sister company Independent James also specialise in personal Self-Employed mortgages and if you want to purchase a commercial property we are independent for Commercial Mortgages also.
We constantly hear of the reduced levels of support being given to businesses by the banks but if you have a profitable company, we will be able to find support for you; the recent Funding for Lending scheme has also provided a marked improvement in rates. Your funding may come through one of our contacts direct in a bank or as we have seen recently you can circumnavigate the traditional lending model.
J Carter, Owner, Company Wills
Peer to Peer lending has become a massive success for businesses as well as individuals. We have access to an online marketplace to help businesses find low cost loans quickly. There are no middlemen, no banks, and no lengthy delays. By directly connecting people who want to invest money with vetted, established Limited Companies who want to borrow money, the cost and complexity of the banking world can be eliminated.
How much is potentially available? We have access to unsecured loans from £5,000 to £100,000 and in this instance a personal guarantee is required from a Company Director. Asset finance loans from £50,000 to £250,000 via a hire purchase agreement are available and the asset is subsequently held as security. Finally, secured loans of £100,000 to £250,000 for any legal purpose can be secured against the business itself.
How does this work? Historical financial performance is assessed, using the filed accounts and management accounts, which are all fed into a scorecard model. This takes account of factors such as Affordability, Business net worth, Profitability, current market trends, experience of business and management team, use of the funds, Credit history of directors and Cash flow indicators such as searches.
As with most credit, no one factor will determine a pass or a fail at assessment stage but all factors contribute to an overall risk model score. This way businesses being run astutely can benefit from excellent rates and ease of access to funds.
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