Our expert advisers will help your business find the best loan.
There is no restriction on the use of the funds, however most lenders like to record what the purpose is, in order to better understand how their clients use their facilities. Popular reasons include;
High street banks have the cheapest cost of funds. However, since the credit crunch strict controls have been placed on the risk they are allowed to take in their lending. This has meant that only mature, stable businesses who can clearly demonstrate affordability can obtain funding from high street sources.
As a result of these restrictions a huge ‘gap’ in funding was created by the high street banks. The need to fill this gap gave rise to what has become known as the ‘alternative’ finance industry. Alternative lenders occupy this space and specialise in lending to businesses who;
Alternative lenders do have higher cost of funds that high street banks, but they are willing to take on more risk. The great news is that the alternative finance space is flourishing. Peer-to-peer, hedge fund and privately backed lenders are starting up each month. In fact, the UK alternative finance industry has become global leaders, and the envy of economies around the globe.
As brokers we can not only expose you to all these different types of lenders, but also package and present your case in a way which will deliver you the best possible terms, at the lowest possible rate.
Spend a few minutes completing our simple application form and we will source you a business loan. In some cases, the money could even be in your account within 48 hours.