In past blogs, we’ve talked about a number of different things lenders will look at in any application for finance. But there’s one that we haven’t covered just yet – the importance of experience.
When a lender offers you a loan, they want to be as certain as possible that they’re going to get their money back from you. As well as looking at the income and profitability of the business, they will also look at the profile of the borrower. After all, the most secure property and oodles of cash available won’t make a difference if the borrowers aren’t going to be able to actually run the business effectively! As such, when lenders look at an application, it helps to see a track record of proven experience in the area the business operates in.
Whilst experience is helpful, it is not the be all and end all. (After all, we at ASC have helped first-timers buy their own business without any previous involvement in the industry). What is important the ability to present a strong overall case to the lender, which they can have confidence in.
And that is where ASC come in.