A commercial finance process should be clear from the beginning. Our job is to understand the requirement, identify sensible funding routes and keep the application progressing.
The exact process varies by product and finance provider, but most commercial funding requirements follow the same broad journey.
We start with the business rather than a product. We discuss what the funding is for, how much is required, the preferred timescale, trading history and any important context around the requirement.
Depending on the facility, we may need information such as recent accounts, management information, bank statements, asset details, invoices or forecasts. We will explain what is relevant rather than asking for unnecessary information.
We consider the commercial objective and the information available, then identify the types of finance and provider appetite that may fit the requirement.
A good application is more than uploading documents. We work to present the requirement clearly so the provider understands the business, the purpose of the funding and the proposed structure.
Where an option is available, we help the client understand the structure, term, repayment profile and next steps so an informed commercial decision can be made.
If the client decides to proceed, we stay close to the application, help respond to further information requests and support the process through documentation and completion with the finance provider.
The information needed depends on the funding route, but having recent financial information available can make the process more efficient.
