A Role for the Commercial Finance Broker…
We’ve seen significant changes since 2008 with the high street lenders since the “Credit Crunch”. Everyone says banks aren’t lending. Well actually they are, however, they are more selective than ever, only lending to the best propositions, the low risk ones. Businesses used to get funding as long as there was adequate security, generally bricks and mortar. Today, the business needs to demonstrate serviceability too. Banks want to see a business’s ability to make the loan instalments and to demonstrate the business can still make the instalments comfortably when interest rates start to rise.
This is where the Commercial Finance Broker can be a wealth of assistance. Firstly, it’s about presenting the proposition in it’s best light, in order to support it’s passage through the underwriting and credit approval process. Secondly, it’s about presenting the proposition to the the right person as not all Bank Relationship Managers have in depth knowledge of the different lending sectors or indeed how to get a positive underwriting decision. Thirdly it’s about going to the right lender, as each bank has it’s own underwriting policies, many of which differ from bank to bank, so it’s no good hiking it around the market.
So in summary, choose a Commercial Finance Broker carefully. You’ll benefit from a dedicated team who will be focussed on getting your application approved.
Visit us on www.greenfieldfinance.co.uk today so we can help find your commercial mortgage.