CFI: NACFB
Encouraging broker figures from FLA
the Finance & Leasing as- sociation recently published some encouraging news stat- ing that broker introduced business rose to £714m in the three months leading up to February 2011. this was a 31% rise from the previous year.
in the last few weeks we have seen a few worrying issues creep back into the market. as many are aware, the nacFB has worked hard to combat advanced fee fraud and the introduction of the nacFB’s Fraud intelligence committee in 2009 became a strong force in highlight- ing the problem that a few unprofessional brokers cause. the Fic keeps records of companies that charge up- front fees to clients without the likelihood of funding ever being offered. However,
Funding circle, a website allowing small businesses to borrow directly from in- dividuals rather than banks, launched last august and is rapidly becoming a popular source of finance. to date, small businesses in the uK have been offered over £13 million in finance. the online marketplace works in a similar way to
Julian rose, head of
asset finance at the FLa, said: “the asset finance market has turned a corner and grew by 20% in the three months to February compared to the same period a year ago.
Fighting advance fee fraud
this is not aimed at the many brokers who need to charge a reasonable appraisal fee when considering a possible case at the outset, although the nacFB does have guide- lines on these fees. recently we have had re-
ports from members of a spate of unsolicited emails from unknown funders. these emails are a potential source of fraudulent activ- ity. So, if you have any con- cerns regarding the valid- ity of emails from unknown funders, please contact the
ebay – creditworthy, estab- lished businesses are able to post loan requests on the site, and individuals or other businesses with mon- ey to lend then offer funds at a rate of interest. Whilst the loans aren’t available for construction or prop- erty purchase outright, it’s a highly competitive option for clients requiring finance
nacFB on 01392 440040. We have campaigned hard
to ensure that the nacFB’s code of practice is promoted throughout the industry as best practice. unfortunately, it only takes a few unscrupu- lous brokers to tarnish the industry as a whole, which is why it is so important to remain vigilant of potential fraudsters. most will not need remind-
ing, but if you are approached by an offer that seems too good to be true, then it prob- ably is.
for property refurbish- ment, office equipment, new equipment or other prop- erty related costs. Funding circle has also facilitated loans for working capital, asset purchase, ex- pansion capital and tax and insurance liabilities. James meekings, Funding
circle co-Founder, said: “We are seeing businesses every
“commercial vehicles,
plant and machinery, and business equipment have led the charge, showing the most growth. Brokers have a role in helping small businesses to find the best deals available across the market.”
ASTL dinner
the association of Short term Lenders’ lunch was held in early may, present- ing a great opportunity to discuss the most pressing is- sues within the industry. the nacFB was part of the origi- nal committee that helped to set up the aStL, firstly back in 2004 and then finally in 2008 when it really got going. We have maintained a good relationship with aStL since this time, as we do with all lender trade bodies. adrian Bloomfield, ceo
of the aStL, added: “the aStL was delighted to host yet another successful lunch for its members earlier this month. as we continue talks with the Financial Services authority and endeavour to provide the regulator with a united front, i feel that these lunches are highly beneficial. We look forward to hosting further events throughout the year.”
Funding circle opens up new source of finance for business
day who are now able to access capital and progress with their plans. it’s great to see this level of energy and growth in the commercial market after so many years of restrictive lending with the traditional providers.” With rates as low as 3.9%
flat, it’s certainly shaping up to be a key competitor in the commercial loans space.
To book your place visit
www.commercialfinanceexpo.co.uk Visitors BOOK NOW to reserve your place
mortgage introducer JUNE 2011 55
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