DO YOU HAVE CLIENTS REQUIRING BANK FUNDING BUT HAVE NO ASSET SECURITY?
BANKS TAKING FOREVER ON A DECISION?
Peer to Peer(P2P) Lending:
What is P2P Lending?
- In simple terms it is ordinary people/investors lending their own money to businesses who require funding in return for repayment and interest.
- Limited company or LLP (soon will accept sole traders/partnerships)
- Minimum 3 years old
- 2 year filed accounts
- Minimum turnover £100K
- Director must be homeowner with OK credit history
- Loans £5K-£100K secured against PG only
- Loans £100K – £1M+ need asset security, can be second charge
- No CCJ’s
- Positive balance sheet, decent trends and with profitability
- Loan can be done in as little as 1 week from application to drawdown
Peer-to-peer and peer-to-business are relatively new concepts in the field of lending and borrowing. Generally individuals (or businesses) would save their money in a bank, and the bank would then lend that money to other individuals or businesses. P2P removes the bank from this process. This process can also be referred to as social lending, or crowdlending.
Borrowers could obtain lower rates than from other loan providers, and they also have the knowledge that they are borrowing money from individuals like themselves. From the borrowers’ perspective the process is not too dissimilar from dealing with a bank or building society.
Lenders can obtain higher rates than they can with a bank or building society. In fact lenders are the ones able to set the interest rates. From the lenders’ perspective this process is quite different from simply opening a savings account.
Sectors currently being funded:
- Wholesale and retail
- Manufacturing and engineering
- Property and Construction
Benefits of using Anglia Finance:
- We can do an initial assessment in minutes as to the likelihood of approval.
- Initial application submitted in the best possible light and more likely to get agreed.
- Sole port of call for any questions/queries
- Client and introducer kept up to date with progress