New Unsecured Business Loan Process & Criteria

unsecured business loanGreat news Enable Finance have added more unsecured business loan products to our ever growing funding panel.

Enable Finance now source commercial finance from over 120 different lenders. This means trading businesses receive the financial support they want when they need it.

All unsecured business loans from Enable Finance are without obligation so you can apply receive a full sanctioned business loan, funds ready to be transferred without any commitment to take the funding. Furthermore, there are no upfront fees and you are free to cancel your application at any time.

New Unsecured Business Loan Sourcing Process:

  • A new application form allows for better data mining.
  • File uploads allow clients to append their financial data which means we pay out funds faster.
  • More refinement around business trading allows for a more intuitive response.

Enhancements to Lending Criteria

  • Increased loan advances – it’s now possible to borrow up to £500,000
  • New starts now considered up to £10,000 with a Business Plan, Financial Forecast and clean personal credit file.
  • Products available to Tenants and Homeowners. (UK citizens only)
  • Previous corporate insolvencies considered where New Co has 12 months trading.
  • Historic adverse credit considered where suitable reason and explanation can be evidenced and a strong business profile now.
  • Lending based on trading revenues, not year end profits.
  • Lending to businesses based in England, Northern Ireland, Scotland & Wales.
  • Sole Traders, Partnerships, Limited Companies, Limited Liability Partnerships and PLC’s

What’s required when applying for an unsecured business loan:

  • Completion of our Secure online application form. – Our form is broken down into 3 simple steps.
  • Your last 3 months business bank statements. – Please note, these should state the Companies name and not be a list of transactions. You can upload these PDF’s at the end of the application form
  • The last 5 quarterly VAT returns. If you are not VAT registered you can replace this with a 12 month CSV / Excel download of your business banking transactions.
  • The last full set of accounts if you have been trading long enough and these have filed at Companies house.
  • Certain loan products may require 2 years filed accounts, management accounts and cashflow forecasts.
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HMO Licensing Changes, Landlords Be Aware

HMO - licensing of Houses in Multiple Occupation Changes to HMO licensing have been unveiled in the Government’s consultation paper titled: Houses in Multiple Occupation and residential property licensing reforms published today.

The Government’s main focus seems to be raising standards and protecting vulnerable people in our society. The cynic in me can’t help a great way to raise extra revenue as they remove the 3 storey rule. Now all shared homes with 5 or more people from 2 or more household fall under mandatory licensing rules.

Key Points in the Houses in Multiple Occupation and residential property licensing reforms consultation paper.

  1. The Government intends to remove the existing “three storey” rule so that buildings with 5 or more people from 2 or more households, regardless of the number of floors, will fall within the scope of mandatory licensing.
  2. Minimum room sizes occupied for sleeping in licensed HMO’s – 6.52 sq. m for one person and 10.23 sq. m for two persons.
  3. It’s important to note that “semi-commercial” flats above commercial properties and converted properties that contain 5 or more people from 2 or more households will require a licence.
  4. HMO’s will need to provide adequate rubbish disposal and storage facilities. These facilities will need to be suitable for the number of occupants.
  5. Financial penalties; failure to obtain a licence or a breach can carry a maximum fine of £30,000. However, for any person contravening an overcrowding notice this, these fines can now be unlimited.

The government’s estimate that the proposals will make around 174,000 additional HMOs (including flats in multiple occupation) subject to mandatory licensing.

The order is expected to come into force during 2017, subject to parliamentary approval. A 6 month grace period will be afforded to landlords to get used to the new legislation.

Enable Finance provide HMO mortgages up to 85% loan to valuation happily consider more than 8 letting rooms.

To read the full consultation paper written by the Department for Communities and Local Government click here

Why I Started Enable Finance For Business Owners

After 20 years in financial services industry, I was asked why I started Enable Finance all those years ago? So I thought why not make a quick video, I hope it makes sense to you?

I should also add that with the demise of relationship banking, in the SME sector, from our high street banks. I and Enable Finance want to be on your mobile phone as the first port of call for all commercial finance requirements in your business.

As a regulated commercial finance broker headquartered in Sheffield we are perfectly positioned to assist our clients North, South, East or West and only a quick flight to our clients in Northern Ireland.

If you’re looking for a commercial finance expert to go into your mobile phone, please add me Phillip Evans 07970 0500425 or visit our contact us page.

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Has Brexit Affected Business Lending?

Whilst Brexit has created market volatility, Enable Finance and our lending partners are still very much lending… It’s business as usual. 

  • Commercial Mortgages & Property Finance – Brexit has made no impact on Rates or Lending.
  • Asset Finance – Brexit has made no changes, in fact some of our lenders have lowered rates.
  • Cashflow Facilities – Brexit has made no changes to fund working capital.

Brexit or Remain Currency Markets Are Volatile – Enjoy Better For Your Business

With the Brexit polls narrowing it seems like the referendum results are too close to call, which in turn is driving volatility in the currency markets as different polling results are released.

Polls from both ICM and YouGov, showed that the campaign for Britain to leave the European Union has taken a 4-5% lead in the lead up to the June 23 Referendum, which sent sterling towards three-week lows against the US dollar. Of the eight most recently published surveys, one opinion poll was tied, two showed the ‘Remain’ camp ahead and five have showed the ‘Leave’ camp in the lead, including a TNS online poll published on Monday and two previous ICM polls published last Tuesday.

Euro:GBP Brexit Remain

Enjoy Better Corporate Currency Rates Below

GBP:Dollar Brexit Remain

Access Our Specially Negotiated Corporate Foreign Currency Rates

Below are some opinions of 5 top financial institutions on the potential impact of a Brexit on sterling.

  • Goldman Sachs: Estimates drop in the trade-weighted GBP of 15-20%. If the move was uniform across currency pairs, this would take GBP/USD to around 1.15-1.20 and GBP/EUR to around 1.05-1.10
  • Reuters: none of the 45 strategists polled by Reuters said the economy would benefit if the “Out” campaign wins.
  • UBS: Swiss bank UBS say Sterling could fall to parity with the euro if Britain votes to leave the European Union. UBS states the chance that the UK will leave the EU stands at around 40 per cent.
  • HSBC: GBP could lose 20 per cent of its value against the US dollar, the bank believes, sending it towards $1.10 – a level not seen since 1985, when the UK was contending with issues including the miners’ strike.
  • Deutsche: forecasts in a “benign” environment that GBP/USD of $1.28 by the end of 2016 and $1.15 by the end of 2017. In a “non-benign” or “worst-case scenario”, sterling may depreciate an additional 10 per cent.

Images reflect current banks forecasts for currency into early next year. These predications fluctuate regularly based on various data releases. The below strongly suggests the major banks are working on baseline scenario that we will remain in the EU.