As lockdown measures continue to ease and the country starts moving again, demand for business loans continues to grow, with many companies looking for a cash injection to help get them back on the road to recovery.
The next few months are likely to be all about deadlines, deals and delivery. But, what’s the fastest way for brokers to succeed, ensuring there are handshakes all round?
Redwood Bank is an innovative business bank that is challenging the status quo and delivering old school values in a 21st century environment.
The award-winning team recognise changes are afoot and has put together a list of top tips to help brokers get their deals approved with the minimum of fuss in double-quick time.
BE TRANSPARENT – Getting a deal done quickly is about being as clear and upfront as possible with all of the parts to a case. Be transparent with everything. If there any skeletons buried in the deal, rest assured they’ll come out at some point. Be honest from the start.
DEAL WITH PROFESSIONALS – Having a commercial solicitor acting for the client will make a difference to how the deal works. The biggest time delay with a case will be at the legal stage, keep those delays to a minimum by navigating the jargon to enable the client to understand the language of commercial lenders by the solicitor acting on the client’s behalf.
BE FLEXIBLE, BE HUMAN – Redwood is open-minded in considering the options and the parts around the deal. Our traditional banking approach encourages a conversation with clients and brokers. Some lenders rely on using an automated online system to just say yes or no. We say, broadly here are our terms – call me and speak to me. We go the extra mile to understand needs. It’s old school banking in the modern world.
HIGHLIGHT THE ISSUES – What are the potential issues with your deal? Has the business been adversely affected by the coronavirus? Redwood appreciates that there may well be issues, and the applicant may have been declined a loan from the main High Street lenders. It may even have been a failed business, or they may have only been in the country for a few months, whatever the case the worst thing to happen is we find this out later – so tell us at the start so we are put fully in the picture. It builds trust and it strengthens relationships.
DO THE RIGHT THING FOR THE CLIENT – The broker needs to provide a full synopsis of the deal from day one. The client’s experience, portfolio, individual net worth, assets owned and their location, and terms of the lease, are all vital pieces of information that we need.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said:
The COVID-19 outbreak has changed the financial landscape radically, and the consequential economic downturn will potentially put many SMEs out of business. The pressure is going to be on for brokers to deliver, so we wanted to show that we’re committed to working closely with all our intermediaries and will continue nurturing our relationships.
"Redwood Bank has an appetite for lending and during this time of uncertainty we’re dedicated to finding ways to help reduce customers’ financial stress and build trust. We recognise the next few months are likely to be very tough for some, but we’re a dynamic, flexible Bank, which means we work swiftly with our brokers to ensure the deal gets over the line wherever possible."
Redwood Bank has continued to lend over the course of the COVID-19 pandemic, helping out a number of SMEs, and plans to continue lending moving forward.
Since its inception in 2017, Redwood Bank has gone from strength to strength, picking up several awards along the way.
Redwood Bank has focused heavily on technology, people and service, and regularly secures a 90 per cent satisfaction rate from its customers.
The Bank was launched with a view to offering a real alternative for small and medium-sized businesses looking to either expand their organisations or simply save for future growth.
For further information, visit www.redwoodbank.co.uk