Bionic Point Part of Bionic
Workman Saw

Our main focus this year will be to continue to be the most efficient credit brokers in the UK. But delivering the fastest possible loan turnaround times is no easy feat when affordability, quality and security are key challenges.

Our lending managers have been working hard this quarter with our iFunds technology to enable businesses to view their eligibility for funding without the need for a credit check. Having launched our technology last year, the team has now perfected the behind the scenes processes that allow us to deliver fast finance, without compromising on service.

So, when a broker approach us recently with a difficult case, the team saw it as an opportunity to demonstrate the effectiveness of iFunds, by combining human expertise and world beating technology.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. The Challenge

The borrower, who is an experienced restaurateur, required funding to refinance his high interest business loan as well as stock purchase. But despite previously receiving funding from his lender, he was struggling to obtain the additional funding he needed due to the CCJ he had inherited.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Our Approach

£150,000 was required to refinance his existing loans onto a longer term for a lower rate, with the remaining stock. But despite having a high lending amount against a CCJ, we refused to turn the broker away as many others had done before. Instead, we took the time to assess the borrower’s situation. We queried the inherited CCJ and discovered he was in the process of contesting and settling the charge.

With the CCJ now being cleared, our lending managers were able to use our iFunds technology to get an accurate check his eligibility rating against our panel of 200 commercial lenders. We were pleased to discover the borrower was also eligible to apply for finance with Esme that was more affordable.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Financed in just two days

Our lending managers worked closely with Esme’s underwriting teams to agree to a £154,000 over five-year term. They were also able to secure a lower rate of 1.95%, saving him £9,600 per year. With this structure in place, we had the funds paid out within two days of receiving the application.

Think Business Loans are proud to partner with a variety of brokers to help assist them with their clients needs. As a result of this challenging deal, we received a glowing review from the broker, stating Think Business Loans “is always extremely helpful and great with providing information on deals quickly when asked. We know once we have sent a deal over to Think Business Loans that we can trust that our customers are in good hands and that we can leave it with them until the deal has completed.”

Jessica Court

Jessica Court

Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author