Business Loans
Once your business has identified the need to expand, increase turnover, develop a product or any number of other needs your company may face, the next step is usually to raise the working capital to complete the project. The usual port of call is your normal high street lender. Although these companies offer a great service it is often the case that they do not offer a product that will suit your specific requirements.
At Source Commercial Finance we have a panel of experienced commercial lenders throughout the UK that will be able to find the right finance for your company.
In order to help our clients to arrange the finance they need, here is the simple process that we use to help you get the funding you need:
· Fact Find
Using our comprehensive fact find we will determine all the information that will be needed to find you suitable finance e.g. amount needed, borrowing period, type of project you want finance for.
· Approach potential lenders
We will approach our extensive panel of lenders and present your application and requirements. As lenders each have their own criteria and standards, we work closely with them so we know exactly what type of client they are looking for, saving you time and extra work.
· Approval in principle
Once a lender has reviewed and is happy with the initial information, we will have a conditional offer in principle for our clients. This will be sent to you along with our terms of business. This must be signed and returned before we can progress with your application.
· Acceptance of terms of business
Once we have received your signed terms of business we can progress with your application, working closely with the lender to complete the paperwork for your case. This usually takes up to 3-4 weeks for the lender and the client to complete their paperwork.
· Receive money (drawdown funds)
On average our clients receive their money 30 days after initially approaching Source Commercial Finance, allowing you to spend your money any way you see fit.