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How invoice finance could help your business in 2021
Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 05/02/2021

2021 is set to be another difficult year for businesses as the Coronavirus pandemic causes disruption to trade and cashflows. Previously successful and growing businesses are facing the prospect of losing clients or clients experiencing financial difficulties. This can cause disruption to cashflow, issues for existing finance agreements and interrupt longer term business plans. Invoice finance can provide a bridge and access to quick finance to help ease cashflow.
We have spoken to one lender and one broker about their experiences of firms experiencing disruption due to a loss of a client and how invoice finance helped their cashflow.

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Back-to-back auction purchase completed in one week

The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.


Roma, a bridging loan specialist, and Loans Warehouse recently completed a complex case for a borrower wanting to refurbish and convert a three-bedroom house into a five-bedroom house of multiple occupancy (HMO). The borrower needed to secure the finance in one week or miss out on the property.


The house had been purchased by a vendor on day one and then sold the borrower the next day. This meant the property was not yet registered in the name of the borrower. The property also needed a valuation completing in time to agree a bridging loan.


Loans Warehouse worked with Roma to obtain undertakings from the vendors solicitors to ensure both land registrations were made at the same time. Draft transfers were provided by the solicitors of the original vendor to help mitigate any future registration issues.


The valuation was completed using AVM technology, which alleviated the need for a physical valuation and helped to meet the borrower’s deadline.


Once these details had been finalised, Roma was able to agree £320,000 loan using the main purchase property and an additional security. The borrower was then able to make the alterations required to a high-quality finish.


Lorraine Hart, Head of Credit Operations at Roma Finance said, “This was a highly time sensitive case, coupled with a with series of challenges, some of which were not in our direct control. This is a great example of the need to be agile with strong underwriting experience, from Loans Warehouse which allowed our team to make informed decisions and ultimately benefit the customer. This is a great start to our working relationship with Loans Warehouse and we are looking forward to building on this in the future”

Matt Tristram, Co-Founder of Loans Warehouse said, “Roma Finance had just been appointed to our panel and this was our first case with the team. It was certainly a challenge, but we have been seriously impressed with their approach to this application, their process and dedication to find a positive solution. We aim to find the best fit solution for every case and Roma clearly share our values.”

Find out more about a secured loan at Loans Warehouse or read more about bridging loans.

 

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Cashplus granted full UK banking licence

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence.

As a full UK bank, customers with money up to £85,000 deposited into a Cashplus bank account are offered greater protection as their money is now protected under the Financial Services Compensation Scheme (FSCS).

In addition to this, Cashplus, which already offers a range of products including business bank accounts and basic bank accounts for consumers, can now look to expand its product range, although the bank has not made any announcements yet as to its future product plans.

Existing Cashplus customers will not see any changes to their bank accounts and can continue using their account and existing cards as normal. Some changes, however, have been made to terms and conditions, which the bank has stated it has notified customers about.

Those with a Cashplus iDraft, will have this facility changed to a standard overdraft facility and instead of paying a flat daily fee, charges will be amended to a simple interest rate.

Cashplus was originally founded in 2005 and currently has 1.6 million customers.

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Predictions for business lending in 2021

Business lender Ultimate Finance, has published its predictions for business lending in 2021.
The expectation is a difficult 12-months ahead for many businesses. The withdrawal of Government grants, the start of repaying Government backed loans and difficulties accessing traditional finance such as overdrafts and loans will leave many businesses struggling.

Josh Levy,. CEO Ultimate finance said:
“My key prediction for 2021 concerns liquidity and specifically that access to liquidity will be a serious problem for SMEs. Cashflow and overall business liquidity is a challenge for all companies. The various Government support schemes – loans, grants and tax deferrals – have helped overcome the COVID pandemic related impact of reduced income and pressured cashflows. But going into next year, SMEs face being unable to access primary or traditional sources of working capital funding, whether that’s loans or overdrafts. This is where specialist lenders and asset-based lenders can be such a great option.
But the key is that liquidity is always there until it is needed most, and the value of liquidity cannot be understated. Liquidity enables businesses to trade through uncertainty and capitalise on opportunities for growth. Thus, access to capital, closely watched working capital management and strong credit control will be key ingredients for success next year and beyond, particularly in an uncertain trading environment. Don’t assume that just because liquidity is there today that it will be there tomorrow.”

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Moneyfacts.co.uk selects Hilton-Baird Financial Solutions as its preferred invoice finance broker

Money comparison website Moneyfacts.co.uk has teamed up with the award-winning commercial finance broker and invoice finance specialist, Hilton-Baird Financial Solutions, to help British businesses find the right funding and overcome the challenges created by the Covid pandemic.

With businesses of all sizes facing enormous pressure currently, it is vital they have access to the cash flow support that enables them to manage the impact of the pandemic and take advantage of any opportunities that arise.

Invoice finance is a fantastic and adaptable tool for many businesses to achieve this, with lenders advancing up to 90% of an invoice’s value within 24 hours – often the same day – generating the funding to fulfil new orders, pay suppliers on time and reinvest in growth.

To help businesses identify the most suitable facilities and lenders for their specific requirements, Moneyfacts.co.uk has chosen Hilton-Baird Financial Solutions as its preferred invoice finance broker. An independent commercial finance broker with 24 years’ experience and a proven track record in introducing the right solutions for businesses of all sizes, Hilton-Baird specialises in invoice finance and has access to a multitude of lenders across the commercial finance market.

Evette Orams, Managing Director at Hilton-Baird Financial Solutions, said:

“The invoice finance market has become extremely competitive in recent years, and the diversity and range of products provided by lenders in the sector offers businesses tangible and valuable choice when it comes to keeping their cash flowing.

“The downside to this choice means it is becoming increasingly difficult for businesses to identify the best lender and facility for their unique requirements. This is where a specialist broker can be invaluable to securing the ideal combination that supports the business both now and in the future.

“We’re thrilled to have been selected to work with Moneyfacts.co.uk as their preferred broker and look forward to supporting their visitors with their ongoing and vital funding requirements.”

Michelle Monck, Head of Digital at Moneyfacts, said:

“Moneyfacts.co.uk is pleased to announce Hilton-Baird Financial Solutions as our preferred invoice finance broker. Those visiting our site looking to arrange invoice finance for their business will now have the option to speak with the experienced and highly trained team at Hilton-Baird Financial Solutions.”

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