Whether you're presented with a gold plated opportunity or have a short term cash crisis, the ability to raise business finance could make all the difference. Speed is always the key - whether it's speed of decision, speed of processing or ultimately the speed of access to funds. Getting hold of cash funds quickly has never been so difficult, which is why a bridging loan is probably the answer.
Business finance - The speed to make a deal happen
Often the ability to react quickly to an opportunity means you can make a healthy profit. Whether it's capitalising on someone else's misfortune or just being in the right place at the right time. Business opportunities are constantly presenting themselves, if you have access to liquid funds, you can act. Unlike banks, commercial lenders can respond decisively and bridging loan funds can be available within days.
Business finance - Rapid decisions to give you breathing space
If you are asset rich and cash poor, should something need addressing quickly you could pay a heavy price. That is unless you can access short-term funds quickly. Whether it's an unexpected tax bill, an equipment failure or simply a temporary hick-up in your cash flow. The alternatives to getting a short-term loan providing time to resolve the issues could be disastrous. Assets seized by a bailiff and sold at auction rarely reach anything like even the lowest realistic valuations.
When was the last time your bank acted quickly and decisively?
Mention 'business & finance' and you'll find it's difficult to even get them to give you an answer on when they can give you an answer! With high street lending more cautious, difficult to obtain and a slower process than ever before, the commercial finance sector have stepped up to the mark and filled the gap.
Funds for secured short-term loans can be accessed in a matter of days.
This is because commercial finance companies are not regulated like the high street lenders. The decision is based upon the facts presented and quickly assessed based upon your assets and the experience of individual dealing with your case. Just like the old days, where a bank manager took the decision, not the 'computer says no.'
What information will you be expected to provide?
- Your name and address history
- Basic details about your company
- Name and address history for any directors or shareholders owning more than 20% of the company
This is because as soon as you provide your details the organisation looking to provide the business finance will an run online checks against your business and the key individuals to validate the information you have supplied. This is to confirm the details provided in relation to the business finance requirements. These initial checks will not leave any "fingerprint" on your credit history and should not cost you any money.
Anti Money Laundering and Fraud
The checks aren't simply to check who you are and if you can repay the business finance to be borrowed. Submitting your details means you automatically grant the business finance organisation permission to run anti-money laundering checks too. Obviously a part of this process are the credit checks on your business and the key people.
Most of the time these checks aren't made until you accept the business finance package offered
This means in most cases, your business finance can be offered in principle very quickly, without the facts being validated. If you are in a hurry to raise finance, these checks can be the difference between getting the business finance arrangement in time or not. There is no standard timeframe for these checks to be made within. This very much depends upon the organisation providing the offer and the type of business finance available.
Bridging loans are one of the fastest ways to raise business finance
Everything about the way a bridging loan is geared around a quick turnaround. It's the basic requirement of anyone requesting a bridging loan. Although bridging loans are more expensive, that is you pay more in interest per £ borrowed, the term is much shorter. So with a faster process, it is likely the bridging loan will get you the business finance in place so you can act quickly. It will also buy you the time to seek out a longer term solution if this is what is required.