Lending Criteria Tips
As we all watch the effects of Covid 19, we thought it would be useful to give a little feedback on what lenders are looking for and the best approach.
Your first port of call should always be your high street bank as they will offer you the best rates although as we all know they are of course stringent.
Beyond those, finance houses are lending although due diligence has increased. On receipt of all completed information some lenders are still offering a facility on funds within days.
In essence the easier you/we make the finance house underwriter and credit teams’ jobs to process applications the quicker you will receive a response.
Primarily try to present all the required information at the first time of asking. Underwriters will generally process the easier applications first that give full details on a company’s standing and profile.
A clear company profile should include answers to the below:
It appears cumbersome but it will be time well spent if you are looking to raise finance in the current market.
Even if the picture appears negative, lenders want to see that detailed thought has been given to the current situation, the commitment involved and a proposed way forward.
Checklist of information to be included:
Good luck, keep safe and do call if you would like to talk through.
If you are interested in finding out more about Finance Solutions, email us at: email@example.com or call our office on 0118 338 1818.