We offer you two great options to find the best deal. You can talk through your needs with an expert or compare the latest rates and apply online straight away. If you decide to manage the process yourself, it will run as follows:
|1||Enquire online or give us a call on 01922 620008. Once you fill our online form, we’ll call you straight back and talk through your current circumstances and what your goals are. When we ascertain what kind of product would be best suited to you, we will scour the market for the best possible terms for your business.|
|2||We will issue the initial terms within two hours, letting you know how much we could release to you in principle. At this point, we will let you know what documents are needed to fully submit your application.|
|3||If you’re completely happy with the information we’ve given you so far, we will start the application with the lender. During the application, the lender will usually want to meet with you to finalise the application prior to a full credit backed decision.|
|4||Once the application is approved by the lender’s credit committee, the full terms are issued which, if agreed, will form the basis of your invoice finance agreement.|
|5||Once the agreement is signed and returned to the lender, the facility will be live and you will be free to start drawing down funds as needed.|
Each lender will use their own assessments and criteria to make a decision on your invoice finance application. We will cover the basic criteria points that are associated with taking out a facility.
We will fund businesses with an annual turnover of £30,000 or more per annum for invoice factoring products. Invoice discounting facilities will usually require a turnover of at least £250,000.
We will consider funding companies in any industry, as long as they are invoicing their clients. Some industries will be considered higher risk and may see some difference in the terms offered due to this.
Your Customer Base
The chosen lender will want to know more about the customers that you are issuing your invoices to. All customers will be considered, but where your customer base is made up of strong businesses, who make their payments on time, your application will be considered stronger.
A spread of customers will always be preferred to one or two large customers. Where only a couple of customers make up a large proportion of issued invoices, some lenders may restrict lending due to concentration limits.
Payment History & Bad Debts
Where your customers are failing to pay on time and your aged debtor analysis shows a record of bad debts, credit control will be key.
If your record of managing payments is poor, the lender may be more inclined to lend if they will be taking over this function. In addition to the raw figures, most lenders will consider whether the trend is positive or negative and what systems are in place for managing outstanding invoices.
We offer invoice finance to companies throughout the UK, with no geographical bias. We can even fund transactions for companies who are issuing invoices to non-UK businesses.
Although most lenders prefer to lend to clients with a strong credit history, we have a number of lenders who are happy to consider a range of circumstances.