High-street lenders are not only notoriously slow to decide applications for funding, but they are also risk averse and often ignore the nuances of your situation.
That's where specialist lenders can help through a range of structured finance options.
At Link Capital UK, we have a wealth of experience securing specialist, structured finance for clients with complex needs. From property development finance to professional practice loans, we can deliver a wide range of options to suit our client's needs. We pride ourselves on being able to deliver fast, and we have even secured funding over a bank holiday weekend.
We work hard to build relationships with our clients before their point of need, so that we already have most of the key information we need when you pick up the phone to ask for help. This saves a lot of time when you need to move fast.
Here are some of our key tips for getting yourself ready for funding:
Tip #1 - Find a broker you like before you need them
When you are stressed about that unexpected tax bill, or you are struggling to balance cashflow, the last thing you want is to have to go through your details with multiple brokers to find a solution.
Find a broker you like when the sun is shining, make sure they have all the basic details, keep them up to date, then when the storm hits, you only have to give them a minimum of information to start the journey to a solution.
Tip #2 - Make sure you keep your broker up to date
We get it. Your finance broker might not be high on your list of priorities 99% of the time, but it's that 1% when you need them most that makes regular conversations and building a solid relationship so valuable.
Keep your broker up to date with the key information about your business, so they can secure you a solution quickly.
Tip #3 - Ask what is available
The world of finance is complex. The world of specialist structured finance is even more so. Regulations, capabilities, offers and more are changing all the time. A good broker is staying on top of those details, so ask them to keep you updated with relevant opportunities.
You may be sat scratching your head and worrying about what to do unnecessarily because the solution is sat there waiting, you just need someone to signpost you to it.
Equally, you may not need to finance your project via a loan, you have the capital, but what if the right deal became available that would allow you to leverage that capital to support multiple projects?
Don't wait until you need help, ask your broker what they can do for you to make to the good times even better.
Tip #4 - Bigger is not always better
Big brokers might seem like the way to go. Surely a larger business will have more contacts and will provide you with 'safer' solutions?
However, the reality is 'big' in this context means you are 'small'. The larger the broker, the less they care about you, and the more they care about risk and profit. Ultimately, big brokers can end up being just slightly less problematic than the high-street banks (the biggest brokers of them all).
You are looking for specialist finance, so go for a smaller, specialist, 'best of breed' broker. Find one that cares about you, that wants to take the time to understand your business, and who is willing to go that extra mile when you need it to get your finance request over the line.
Tip #5 - Anticipate your needs
You are the expert in your industry. You know the cycles; you can predict when and where the peaks and troughs are likely to happen. Don't wait for the problem to happen before you start looking for a solution.
Talking to your broker about a problem you think might happen is fine. Let them give you some solutions to consider so that you can decide what course of action to take before the problem occurs.
No, you can't always forecast what is going to happen, and sometimes the clouds form and you're in the rain before you know what has happened, but most of the time you can make a best guess at where you will need help, and mitigate the risk early on.
Find a broker and ask about options before you need them
Specialist structured finance relies on understanding the nuances of a business, and while we can build a picture and a case fast, working at speed in a crisis will never produce as well rounded a result as a thoroughly understood and carefully planned approach.
So, find a broker before you need them. Keep in touch with them so they know what is going on in your business. Ask them to keep you up to date with opportunities. Choose a broker who you will be a 'big' client for. Plan ahead for those rainy days.