Newable Broker Update September
Welcome to Newable's September update!
We are delighted to report that August was a record month at Newable Business Finance with more money lent by ourselves in a single month than ever before!
Thanks as always to all of our introducers for the high quality standard of lending applications provided which enabled us to achieve this.
As previously communicated, our summer Broker Incentive comes to a close at the end of September and all payments due under the scheme will be made by the end of October. Well done to all those broker partners who have qualified to receive an extra reward!
Supporting your clients in their times of need
Here at Newable, we are often asked in which circumstances one of our Business Finance Loans are suitable. The great news is that we genuinely lend for any legitimate business purpose so we can and will help your clients in a number of situations to help them to grow further.
In recent weeks for example, we have assisted SMEs with additional cashflow to assist them:
- Purchase new equipment
- Refurbish / modernise business premises
- Undertake marketing initiatives to further increase revenue
- Refinance more expensive existing debts
- Open additional premises
We have been delighted to help businesses with their growth plans and to cut the costs of their business finance and we look forward to enabling many more to achieve even greater success.
Don’t forget that there are no early repayment fees with any business finance loan so redeeming early is another way for your clients to reduce their interest costs.
If you have any questions regarding our loans then please do not hesitate to contact us.
A consistent approach in testing times
The past month has seen the unsecured finance market lose another provider following Ultimate Finance’s announcement that they are moving out of this type of lending.
At a time when many SMEs are having to prepare for the UK’s likely exit from the European Union as well as dealing with the day to day challenges of operating a business, it is disappointing to see that the choice of unsecured lenders is becoming more limited.
The good news is that here at Newable, we remain committed to ensuring that successful SMEs have access to fairly priced finance in these testing times and we look forward to helping many more of them over the course of the coming months.
Deal of the Month
Each month, we take a look back at a recent successful loan application. We would love to have the opportunity to assist other quality businesses who may be looking for affordable business finance, so please do get in touch should this be the case.
We were recently in receipt of an application from one of our introducers which was on behalf of a leading property investment sales and marketing solution provider. The company caters to property developers, agents and owners in 4 main real estate categories – rental investments, “lifestyle” resorts, capital fundraising and commercial property.
We were being asked to support a loan request of £100,000 over 60 months to support the company by providing additional working capital to support their ongoing growth strategies as well as the refinancing of some existing business finance. Significant recent investment has been made by the company in research and development around marketing automation and some further cash flow support was considered to be beneficial.
Although the business operated at a loss a couple of years ago, the most recent accounts saw the business return to profitability with sales revenues of around £1.25m per annum.
Whilst the business has made good strides to turn their financial performance around, we felt that a loan of £50,000 over 36 months was considered an appropriate loan at this time, with the refinance element of the request not proceeded with.
The director has considerable equity in his private residence and we were therefore happy to provide the finance subject to a Personal Guarantee.
NACFB Awards 2019
Newable Business Finance is very proud to be shortlisted for the above awards in the category of Unsecured Lender of the Year.
We would like to sincerely thank all of our introducers for working with us this year which has made this possible.
We would also, of course, be delighted for your support for the final vote – if you haven’t already done so you can cast your vote across all lending categories here.