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A Market Overview

Asset Finance, Lease Purchase, Contract Purchase, Hire Purchase, Finance Lease, Operating Lease, Fixed Term Rental?

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There are numerous advantages to dealing with a finance broker such as Business Assistance (NW) Ltd. with multiple underwriting avenues, when looking to arrange finance for company assets Firstly, you are backed by a company which has been trading and growing for over twenty years, in a market which has seen many finance companies withdraw their direct sales forces, or pulled out of the small ticket market altogether. A good broker will usually have at least four to five finance companies for each tier of credit, these generally being:

Clean credits - companies well established with profitable accounts, low gearing, positive bank statements and good overall credit standing
Middle of the road - new starts (including sole traders and partnerships becoming limited companies), companies with average accounts, sole traders and partnerships who hide profit to minimise tax liability
Sub-prime - companies / directors with adverse, weak accounts, bank statements with negative balances / returned items

Unlike a finance company, a broker will usually undertake certain pre-proposal checks to ascertain the quality of a proposal before formal submission. Such checks will include companies house registration details and verification of director's details, ensuring that a deal is not rejected due to poor quality of proposal information, but instead is considered in the best possible light. A skilled broker will often be able to second-guess an underwriter's response, and advise a customer well in advance of the terms they expect to place. Very often, a salesperson with the best will in the world will quote low rates just to gain a customer's interest, however, if the customer is not creditworthy enough for prime rates and terms, it is then very difficult to go back with a greater deposit and rate commensurate with the customers true credit status, and possibly jeopardising the deal. As a company which began life looking at purely sub-prime business, we are well-versed in justifying higher rates to weaker credits, a conversation which many salespeople might avoid having for fear of losing the deal.

Should a deal be declined by our initial funder, we are then able to move on through our panel, which currently stands at 20+, until we find an acceptable approval. We propose deals in this way to avoid unnecessary credit searches taking place against individuals, which weakens their credit score.

As a broker, we also undertake all the administration of a transaction, from completing proposals to signing up documentation and arranging invoicing. Typically, a finance company will send a suite of documents to supplier or clients with a completion guide for new deals. At Business Assistance (NW) Ltd, we complete all documentation here, and usually sign up deals personally. This ensures that documentation can be accurately completed, all the required supplementary paperwork is enclosed, and guarantees that the paperwork gets to the chosen lenders offices safely for processing.

In terms of service to suppliers, our attention to getting them paid and their deal processed efficiently is our priority, as this helps to build the relationship between broker and dealer, and ultimately provides us with a steady stream of business.