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When you run a business, you never know what is around the corner, even meticulous cashflow management and detailed spreadsheeting can't protect you if your biggest client goes bust, nor can you forecast an unmissable investment opportunity that springs up out of no where. Sometimes you just need funding and you need it quickly. This is where having an experienced operator within the finance market is an invaluable weapon in your business' arsenal. Whether you're a Small Business taking out your first loan, or you're an experienced multi-national looking at millions of pounds of leasing, if you need funding quickly, then you need a broker.
It is possible to get the funding you need in 24 hours, the speed at which you are able to get funding however is dependent on all sides of the table coming together. Those sides are, you and your business, your chosen supplier and the lender. We, the broker work on getting all the sides singing in harmony to get the outcome everyone wants, funding. Your business gets the funding it needs, your supplier gets paid for their product or service and our lender does what it was set up to do and lend to successful businesses. It sounds straight forward but often it is not, which is again why you need a broker to manage all the interested parties.
When you use a broker, like GSM Finance, we liaise with you, the supplier and the lender to get all the correct documentation in place in order for payout. Since GSM Finance have structured hundreds of deals for UK SME's and multinationals from asset finance to small business loans we know what documents lenders need and we know how the supplier needs to invoice the lender in order for them to pay out. Often it is these stages that the process becomes most time consuming and inevitably causes delays as emails get ping ponged from office to office.
The process for Asset Finance, Lease, Hire Purchase, or business loan is pretty much the same, we have done it many times before and so are confident that if you followed this timeline we would be able to deliver your funding in less than 24hours.
8:45am - Put the kettle on
Get set and ready for a successful day of fund raising, with your tea or coffee in hand and your computer and phone by your side, we're getting you the money your business needs to thrive!
9:00am - Give GSM Finance a Call
Your day of getting funding has started, you dial 020 8874 9994, and speak with one of our industry-specific expert brokers here at GSM Finance to discuss your requirements. This should take no more than 30 minutes, in which time our broker gets to truly understand your business, its aims and the asset you're looking to invest in. This puts our broker in the best position when negotiating with one of our 35 lenders.
9:30am - Submit required documentation
Following your call with your dedicated broker, they will request certain sets of documentation, our lenders use these to determine the strength of your business, which in turn dictates the rate they will charge for the debt. The better the shape of the business, the better the rate, as it reflects the level of risk that the lender will be exposed to. Since we know each of our lenders and what they are comfortable with, we also use this information as well as the type of finance and the asset involved to pitch your proposal to the RIGHT lender, to maximise the chance of acceptance.
Generally we will require the following:
Last set of year end accounts
Previous 3 months management accounts
Quotes or purchase orders for the desired asset
Net worth statement
10:00 - Indicative Quote
Upon submission of your documents, your broker will run the numbers and put together an indicative quote, which will outline the planned agreement and an estimate monthly payment schedule.
10:10 - Quote Confirmation
You'll have the numbers in plain english, you'll have the monthly repayments in black and white. It's then up to you to decide if financing the asset instead of buying it outright, or taking out the business loan is good for your business or not. There is absolutely no pressure to take your application to credit, any loan must work for your business. If the finance plan we have structured doesn't, then we will wish you all the best and hope to be of assistance in the future. However, if the deal stands to benefit your business then simply confirm with your broker to take it to the next stage.
10:30 - Going to Credit
At this stage, we submit a proposal to the lenders we believe will be most suitable and willing to finance your business. With 22 years of industry experience GSM's brokers know how best pitch your business to enhance the chances of approval and to access the best rate. Some lenders we work with will have an auto approval up to £150,000, this can be the most straightforward approval process, but if there are any niggles these will be brought up and your broker will have to negotiate with the lender for approval.
14:30 - Credit Approved
Given our strong working relationship with our lenders, 4 hours should be plenty of time for us to get your finance approved and have the funds ready to draw down, however in some scenarios it may take till the end of the day. If you are looking at Asset Finance then the lenders will pay your supplier directly and arrange the delivery or installation with you directly. If it is a business loan, this will be transferred to the business bank account the same day.
9:00 - Funding all sorted
You can now get back to doing what you do best, running your business! You've avoided the month of back and forth with your high street bank, you've got the asset you business needs to thrive all you need to do is put it into action. Further down the line if you have any questions or queries regarding your finance package, we are just at the other end of a phone, here to help!
