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Competition

Introduce some competition

Competition can change funding decisions

Many High Street Banks work on the basis of complacency of their customers when it comes to funding applications and can lead to declines when other high street banks would favourably consider the application.

Different lenders will have different underwriting criteria and will review your requirements differently, indeed, different lenders will have different appetites for different industry sectors at different times, subject to their overall exposure.

So by taking your application to another bank or specialist lender it can change the dynamics straight away.

Best Way of introducing competition

  • Use the services of a business finance broker

Benefits of competition

  • May be able to use alternative bank quote to negotiate with existing lender
  • Protects you from being fully exposed to one lending source
  • Competitive rates and terms
  • Project successfully funded when original bank rejected your proposal.

For better rates and terms

  • Even if your bank does agree to fund your application by using a broker it is possible to find more competitive rates and more flexible terms.
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