Broker Update October
Welcome to Newable’s October update. As we approach Halloween, we will try and avoid anything scary or too haunting in this month’s edition!
September was another really busy month here at Newable Business Finance and well done to all of our introducer partners who qualified for a bonus payment for the quarter ending 30.9.19. These payments have now been made to all successful brokers.
Our new incentive for the current quarter is now live and further details are provided within this update. We hope that as many of you as possible are successful under this new scheme and receive a reward payment from us in January next year.
If you have any questions about the incentive or would like to sign up as an introducer of lending business to Newable, please contact our Broker Manager, Chris Oram.
Enhanced Broker Incentive for Q4 2019
Following the success of our first quarterly broker incentive, we are delighted to follow that up with a new incentive programme for the current quarter.
We wish to reward as many of our valued introducers as possible for the business they provide and it has never been easier to earn a reward payment (on top of the usual 3% fee) for loans paid out between 1.10.19 and 31.12.19.
In order to benefit under the incentive, simply introduce loans to Newable Business Finance with a combined value of £150,000 or more which draw down between during the quarter. If this is achieved, a bonus payment of £500 per drawn loan will be paid during January 2020.
We look forward to as many of our introducer partners as possible being rewarded early next year.
Helping us to help you
It is quite common today for businesses to have relationships with more than one bank and this applies to an increasing number of our loan applicants.
When you know this to be the case, please ensure that you provide us with the bank statements of all bank accounts held by the loan applicant as this will enable us to reach a decision more quickly.
There have been occasions recently where a bank account we were previously unaware of became apparent quite late in the loan application process and this has delayed things unnecessarily so the provision of all banking details up front is a great help to us.
Many thanks for your help. As ever if you have any questions regarding this or the application process in general, please do not hesitate to get in touch.
Deal of the Month
Each month, we take a look back at a recent successful loan application. We would love to have the opportunity to assist other quality businesses who may be looking for affordable business finance, so please do get in touch should this be the case.
We were recently in receipt of an application from one of our introducers which was on behalf of a long established business which provides wealth management and specialist financial advice.
Clients include high net worth individuals and members of company pension schemes which are administered by the company.
The areas of expertise offered by the company include pensions and retirement planning, life assurance, lump sum investment and income protection.
We were being asked to support a loan request of £120,000 over 60 months to support the company in increasing their headcount as the business grows further.
The financial information provided in support of the application shows that revenues in the most recent trading year have increased by approximately 15% to around £1m per annum.
The EBITDA calculation showed that the requested loan was comfortably serviceable alongside the applicant’s existing debt commitments and the bank statements provided showed that a well conducted account.
We were happy to provide the requested loan subject to director’s guarantees plus the support of the Enterprise Finance Guarantee (EFG) as although the directors are homeowners, there was limited available equity.
Solid foundations for future growth
As Newable’s plans to lend to and support an ever increasing number of UK SMEs continue, we are delighted to have recently secured the support of a £17.5m revolving credit facility from Shawbrook Bank to help our continued growth.
This significant support will help Newable to continue to scale and evolve and we look forward to supporting an even greater number of aspirational UK businesses in the coming months.