Business Finance: As simple as frying an egg... right?

I recently spoke to a client, Tom, who was having trouble securing the best possible rate of business finance.?

He previously tried reaching out to the banks, asking for offers but he was being turned down.?But why, surely it's as simple as frying an egg, right??

When I fry an egg, it'll usually stick, or come out like rubber and the whole thing looks disgusting.?When my wife fries an egg, it puts a smile on my face and tastes delicious.?

She's done this 1,000 times, taking pride and bringing years of experience to the table.?

Like frying an egg, properly, finding business isn't that simple.?

Let’s check back in with our friend Tom from earlier...?

He also thought that, like all eggs, all finance companies were the same.?

Egg-wise you have duck eggs, chicken eggs, niche quail eggs - all of which have their sweet spot and suit the right pallet, appetite and person in a different way. The same goes for finance companies, each has a sweet spot driven by the business sector, credit rating, size and purpose of the loan.

To go into the other factors would take several emails, but suffice to say, 2 identical businesses applying at different times of the year, could receive 2 entirely different outcomes,?but how would Tom know when it is best to apply and to which finance company?

This explains why 70% of businesses that apply for business finance are turned down but 70% that go through a broker are accepted, my acceptance rate is 84%.

Let’s get back to Tom, he thought the best thing to do was get several quotes for finance and choose the right one. It’s, so simple, just like frying an egg!

Anyone can do it, right? Wrong!?

Tom did not appreciate the following:

• Business Finance offers have time periods. If you go past the expiry date, the application goes back into underwriting and a new offer (if an offer is made) might well be at a higher rate.
• Underwriters start to worry when they see multiple credit searches. They think “is my time being wasted, is there something I don’t know?”
• If another finance company has turned down the loan, how am I going to justify my decision if it goes wrong?
• By thinking all finance companies were similar, Tom approached the wrong kinds of companies for his borrowing requirements. He was doomed before he even started, but how was he to know?

If your business needs any type of finance and you need someone who cares about what they do (because they love what they do) then you need to give me a call.

You are welcome to call me on my mobile?07710 466166?or schedule a call on?Calendly.?

Mark?

P.S. Remember - you don’t pay a fee for my services as the Finance Company pays me. My service saves them a considerable amount of time and money, as it prevents them from processing unsuitable applications generated by their marketing departments’ “appeal to everyone approach”.

Would you prefer an 84% chance of getting hassle-free finance or a 30% chance?

The answer to the last question is as simple as frying an egg.