Tag: Business Loans North

How has the Coronavirus affected bridging finance?

12th June 2020 / admin / Comments Off

Surveyors are being extremely cautious

Even where a valuation can be done, surveyors are being very cautious. Whilst they will be producing the usual figures for an open market valuation, 30 day, 90 day and 180 day sale, they may also add a revised figure to allow for the likelihood that prices will fall after the pandemic is over. Some surveyors have even taken to writing, ‘this valuation cannot be relied upon’, on their reports. This makes the report worthless to many bridging lenders, who aren’t prepared to lend on the basis of this type of valuation.

Social distancing causing problems with witnessing legal documents

There are currently problems with getting legal documents witnessed by a solicitor as most are now working from home and not seeing clients face to face.

Staffing shortages are affecting lenders too

Lenders have also been impacted by the requirement for staff to work from home wherever possible and have had to set up systems to allow staff to work remotely.

Staffing numbers have been hit by those needing to self-isolate, which has affected lenders’ abilities to deal with new cases.

5 reasons to invest in a mini excavator

15th January 2020 / admin / Comments Off

Are you using your excavator to its full potential, or could you do the same job using a mini excavator?

Mini excavators are practical, affordable and hassle-free pieces of machinery.

Whilst they’re not always suitable for largescale jobs, if you can get away with using a mini excavator over a bigger wheeled, tracked or truck-mounted excavator then there are plenty of benefits to be had.

Manoeuvrability

The mini excavator is the perfect piece of machinery for working in small or tight spaces. It offers the same level of performance as a larger excavator but in a more compact and practical design. The small size of the mini excavator makes it nimble and agile on-site and means transportation is simple and hassle-free.

Easy to operate

Mini excavators tend to be very simple and intuitive to operate, reducing the amount of time required to train an operative to use the machinery and minimising the risk of errors being made.

Cost-saving

Mini excavators are more affordable to purchase and operate than their larger counterparts. They also offer higher fuel efficiency and lower fuel costs. Their relative ease of operation means training operatives will cost your business less time and money.

More environmentally-friendly

The small size and increased fuel efficiency make mini excavators more environmentally friendly to run than larger excavators. They also produce less noise pollution, making them ideal for use in noise and pollution sensitive areas.

If you require help or advice with financing a mini excavator for your business, speak to our team here at Richmond Asset Finance. We provide a range of flexible vehicle finance and asset finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.

Businesses Turned Down For Business Loans Secure £15m of Funding

5th September 2018 / admin / Comments Off

While securing a loan for a mature business in good health is relatively straightforward, for smaller businesses and start ups going to the bank for a business loan can often end in rejection and disappointment.

In the past this would usually lead to business owners giving up on their growth and expansion plans unaware there might be alternative sources of funding readily available. This is why the government came up with a scheme that referred those businesses that were turned down for a bank loan to smaller lenders or companies offering alternative sources of finance such as asset finance.

The referral scheme was introduced in November 2016 and according to the government it has been successful in sourcing £15 million of funding for small business with loans ranging from £100 to £1.3 million.

Such is the demand for funding in the small business sector, the amount loaned via the referral scheme quadrupled in its second year with 670 businesses benefitting from the extra funding in the last 12 months alone.

These results while amounting to a small proportion of the amount of money being lent to businesses each year show just how many businesses might not have received the vital funding they needed to develop.