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Time to change banks?

I deal with the Bank’s every day and its clear there is a huge difference in what they say in the media and what they do. They keep banging the drum that they are open for business and they have money to lend. But do they want to lend? Yes they do but you now have to work at getting the funding.

I see three main issues with the lenders:

1. Managers who don’t understand business – most of the experience has gone
2. Faceless underwriters who are scared in putting their name on a “YES-we will agree this one”
3. They don’t have as much money as they use to so the quality line has gone up.

On the positive side, it is getting better and more lenders have entered the market.

To maximise your chances of getting the funding:

1. Keep them informed on a regular basis-they don’t like surprises
2. Treat them as a shareholder
3. Tell them about your future plans and not just the past
4. Draw up a business plan. It can be just 1 page
5. Show them numbers – they like numbers. As well as your last annual accounts show them current figures as well
6. Advise them in advance of any cash flow issues. You are more likely to get it paid
7. Find out how your manager is targeted – see how you can help them

At Searchlight we have strong relationships with the lenders so if your current lender says no contact us to see how we can help.

Searchlight Finance Ltd is a broker not a lender.

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We are a credit broker not a lender.

Searchlight Finance Ltd is registered at 98, King Street, Knutsford, Cheshire, WA16 6HQ. Company Register number is 07929050.

Authorised and Regulated by the Financial Conduct Authority. Our FCA registration number is 743220. You can check via www.register.fca.org.

We are registered with the Information Commissioner’s Office, Z3109319 and you can check via www.ico.org.uk.

We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority.

We source finance from the whole of market and may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature of any commission model will be confirmed to you before you proceed.

Member of National Association of Commercial Finance Brokers (NACFB).