Chris, what kind of month have we had so far at Newable Business Finance?
“It’s been a great month, both in terms of loan volumes (applications received and monies paid out) and the number of new introducers we’re now working with.”
Why do you think this has been the case?
“A variety of reasons. We’re always adding to the number of broker partners we’re working with and we have developed a number of new relationships recently which are already resulting in a high number of quality applications being presented to us. Plus, I think the fact that we can assist business owners who are not home owners and lend over terms of up to five years means we have an extremely competitive proposition.”
What type of loan applications have we been seeing?
“Well, as usual, businesses of many different types have been applying for loans to help fund a whole range of business purposes. We have however noted that we are providing more loans for refinance purposes than ever before.”
Why would businesses refinance their existing loans with Newable?
“A number of applicants we have seen have previously obtained short term funding (usually over 12 months or less) from a variety of lenders, very often at very expensive rates, often around 40% per annum. Refinancing to Newable over a longer term at a lower interest rate reduces a businesses’ monthly finance costs and allows business owners to utilise the additional cash flow on their strategic growth plans.”
How easy is it to refinance a loan?
“It’s so easy! We liaise with the other lenders we are paying off directly so that the applicant doesn’t have the hassle of doing so themselves. We ensure payment goes directly to the other lenders once the loan is advanced so that everything is efficiently handled.”
Why do you think Newable are seeing more of this type of application right now?
“I think more introducers and direct applicants are becoming aware that Newable are one of the few lenders in the unsecured SME loan space to lend over terms of up to 5 years. We would welcome more opportunities of this type as we wish to make affordable business finance more widely accessible to SMEs across the UK.”
Who is able to apply for a Newable loan?
“Any UK business with a trading history of over 2 years and an annual turnover of at least £100,000 can apply for any legitimate business purpose. We look forward to a very busy summer!”
By Carolene Thompson and Chris Oram