When many people look at business finance, there’s a strong temptation to apply the same assumptions that you would when looking at personal or residential loans. The bank deals with hundreds of loans every day, so they must have a variety of different loans to offer and for you to choose the best one. Right?
Unfortunately, applying that attitude to business finance doesn’t work. A bank does deal with plenty of loans at once, of course, but businesses have more variables than you can count. They have differing situations, finances, applicants, and a million other things to think about. That means that when it comes to looking for a commercial loan, you aren’t looking at asking a lender what pre-packed options they’ve got available. You’re asking for a bespoke product.
Now, this might seem like it adds a lot of hassle to the process of getting a loan, but in reality it’s by far the better situation for any business. The bespoke nature of the process means that your businesses’ loan is going to be fit to your exact specifications. Lenders know that they can’t just try and force a business into the situation they want – that’s just going to lead to a “square peg, round hole” situation where you can’t repay the loan. That’s not what anybody wants. Instead, a lender is going to work with you to reach a solution that fits your needs and their objectives.
So, don’t go into the finance process expecting lenders to hand you a loan on a silver platter. Instead, you get something much better – the product you exactly need!
Find out how to get the right finance for your business…
