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Want to avoid the shredder? Then don’t make this mistake…..

In 25 years’ as a commercial finance broker, I’ve learnt that arranging business and commercial finance can be both complex, and often time critical.

  • Project deadlines;
  • Cash flow pressures;
  • Unexpected business opportunities.

For these and many other reasons, success in business can often depend on getting to that vital “Yes” from a lender as quickly as possible.

And that’s the problem.

In the rush to secure funding, there is ONE mistake that is made time and time again by clients and brokers.

What is it? The answer is very simply -­‐ poor presentation!

Now, I’m not talking here about shiny letterheads, colour graphics and fancy email templates.

What I mean by poor presentation is a poorly presented finance application which is incomplete, unclear and untargeted with key pieces of information missing.

You’d be amazed how many clients come to me, having had their funding application declined by a lender.

And when we look at the reasons why, it is often down to a poorly presented application which is supported by scant information.

Surprise, surprise. The application’s declined.

You see, just like the rest of us, the people who approve or reject your finance application are busy people. So, don’t make it harder for them than it needs to be by sending in an incomplete and untargeted finance application.

There are three main principles to follow if you want your application for business finance to have the best chance of success:

  1. Send ALL the required information, FIRST TIME!

Don’t send in half an application with “bits and pieces to follow”. It only means the lender will have to ask for the missing information. Result -­‐ unnecessary delay.

At Funding Track we’ve created a 4-Point Checklist to help you put together the right information in support of your application. You can get it here:

  1. Hang fire on any valuations that might be needed.

If you haven’t already done one, wait before you get a valuation. Lenders use their own panel of valuers, and the one you choose may be unacceptable to them. You’d simply have wasted your time and money. It is far better to wait and see what the lender requires in terms of valuation.

  1. Deal with one lender at a time.

It’s very tempting to fire off a standard application to half a dozen lenders to try and “speed things up”.

In fact, every application could well trigger a credit search, all of which get logged on your credit file. This can work against you and may ultimately affect your credit rating.

Instead, approach one lender at a time by identifying your preferred lender, the lender you think most likely to do your deal. Start with them, and if necessary approach other lenders later.

Following these three principles means your finance application will be:

  • Clear;
  • Concise;
  • Complete;

Result? The lender has all the information they need to make a quick and accurate decision.

It’s important to get the presentation right -­‐ and give your finance application the best possible chance of success.

Remember, we’ve created a 4-Point Checklist, specially designed to help you put together the right information in support of your application.

Download it here: and make sure your application for finance isn’t consigned to the shredder!