When you’re applying for finance, what do you think lenders look at? The financials? Definitely – lenders want to see what potential your existing business (or the business you’re purchasing) has to repay the loan before they’ll put money on the line. The business’ history? Certainly – they’ll want to know what your organisation has done in the sector. But there’s one factor that’s often overlooked by punters when it comes to lending consideration – the borrower themselves.
When it comes to finance, the person behind the business can be just as important as the business itself. Your background, previous history and experience in the sector are all important factors that impact your loan potential. A company that’s been specially created for one enterprise, for example, has no financials or useful information for a lender to make decisions on. However, if that company has people on board who all have decades of experience, then that changes the situation entirely.
Finance is all about the people – whether it’s finding the right broker for you, or knowing the right people to talk to in the right places. So it’s only natural that lenders will want to look at the most important person in the borrowing process – you!