Looking to finance a business or require money to fund your business requirements?
We know what the banks require; after all we wrote a book on it, see publications.
Things you need to obtain and the banks will require are
- What type of business is it.
- Information as to the businesses trading history (ability to service borrowings.) Generally the last three years Profit and Loss statements (now called Statement of Financial Performance) and the latest months trading since balance date.
- Asking price (fully broken down i.e. Land and Buildings, Plant and Equipment, Fixtures and Fittings, Vehicles and Goodwill.)
- The amount you are looking to borrow.
- Cash or equity you have and security you are willing to supply.
- Skills you bring to the business i.e. your brief CV and the CV of any other directors being appointed.
- The completed business application, see Useful Forms.
Business finance is a very complicated field and a lot of mortgage brokers steer well clear of this area because it is hard work. It can also result in no reward after a lot of effort and time.
When FSP arranges finance we only charge when the loan is drawn down, no up front fee required and if we don’t perform we don’t get paid.
But if we arrange finance for you, that you subsequently draw down, our fee is usually 1.25% (occasionally can be higher but this would be negotiated up front with you) of the amount drawn, less what we can arrange a lender to pay us.
Other areas where FSP look to add value is
- In the structures you use.
- Advising how taxation impacts on you, your business, any trusts or other entities you have, we can provide advice and some options before you talk to your accountant.
- Identifying the risks of being in business and what options you have to protect against the risk, i.e. Debtor insurance.
- Helping with structuring your business plan and getting SMART goals in place that are easy to action.
- Monitoring your cash flow and comparing to your forecasts.
We wrote a book on “Owning your own Business” as well, see publicationsFinancial Service Providers
are only an email or phone call away to answer any of your questions.