Professional Services
– and this is true when it comes to brokers. In strong market conditions, general brokers can successfully purport to be specialists when in fact they are not, but they can still get deals completed as there is a strong lender appetite. This is certainly not the case in a poor or uncertain market. The pandemic has brought with it
drastic changes to the lender trading landscape in the commercial and specialist marketplaces. Many have limited the brokers they will deal with to the select few that have consistently provided quality business. Most have changed criteria and a number have stopped lending altogether due to legacy issues.
‘In times of need, it can be extremely difficult for a SME to secure the financing required for their business’
manager these days, so trying to route through to the correct person to assist feels like mission impossible.
The pandemic-induced changes to the specialist lending arena
Over the last decade, the need for a specialist broker that uses a broad panel of lenders with an intrinsic knowledge of both the marketplace, and the specific requirements of each lender, has increased immensely. As with any sector, there can be good and bad
Don’t give up – the right lending solution is out there Many clients who seek finance believe that if their bank say no that they are not a fundable proposition. This is not the case. There are some varied and
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wonderful solutions out there and a good broker will often use more than one lender to tailor a solution to a client’s needs. My advice for a client requiring specialist finance would be to engage with a specialist broker and not a general one. This way, once they understand the client’s requirements, they will approach the right lender for the client’s profile that provides products that satisfies requirements. I would also strongly suggest avoiding brokers that charge up-front fees. The ARMCo Group of companies
is a relationship-driven business that provides our clients with specialist finance brokering among a number of other collaborative businesses that add additional value to almost every transaction by specialising in certain areas. This way we can adapt to a client’s requirements in many ways, ensuring the best possible outcome. The landscape of finance has changed forever. The days of leading banks being a one-stop- shop has long gone, and has been replaced by brokers who provide an across-the-market solution. Don’t try a push a square block through a round hole - source a tailored solution from a specialist, but make sure you choose the right one.
May 2021 CHAMBERLINK49
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