Research carried out by the UK’s Business Innovation and Skills shows that 71% of businesses in need of a loan will only approach one provider, and will not approach another lender if they are turned down. There are various factors that contribute to the failure to try another source. If a business owner is refused a loan, they may assume that all other lenders will also refuse their application. However, the fact is that other lenders may have alternative lending and risk criteria which means that the outcome of an application cannot be accurately predicted. Furthermore, many business owners are unaware of the alternatives that are available to them following refusal from their bank.
Britain’s Federation of Small Business recently published data from a survey highlighting that approximately 60% of loan applications by members have been successful thus far in 2015. These figures show a 15% increase from the same time a year ago. The rise in small businesses securing loans against their operation is partly due to the presence of specialist financiers. Many businesses have been turned down for loans by their banks and turned to alternative sources within the corporate marketplace.
We are a widely renowned and recognised name in the specialist lending sector, and we pride ourselves on securing extra finance and security for our valued clients throughout the UK leisure, hospitality and commercial sectors. If you need help with hotel, guest house, bed and breakfast or marine finance, funding and mortgages, we are the team who can help you. If you wish to acquire an additional business, refinance, buy out your partners or purchase new premises for the purpose of expansion, we can assist you with our highly trusted service.
As a flexible company, we strive at all times to offer lending solutions that fully benefit our clients. We take every step to secure greater and more flexible borrowing terms, and with our extensive experience, we can help you benefit from the value of your business and offer you every advantage with regard to start up funding, bed and breakfast mortgages, refinancing and much more.