Businesses we work with are always impressed with how quickly we can complete deals. Compared to a traditional lender we are a lot faster, and in this article I’m going to explain how we’ve set Reparo up to complete loans quickly.
It is unfair to compare traditional banks to us in terms of speed: it would be like comparing our loan pool to a large multinational bank – of course, we can’t compare.
A big bank might be able to lend £300m to a multinational aerospace company – we don’t do that. What we can do is assess a business in detail, conduct due diligence and get a deal completed in a couple of days – big banks don’t do that.
We have built a set of core competencies around customer service and speed. In the same way that a small family restaurant has a different value proposition to McDonalds, ours is different to the traditional banks.
I want to look at a couple of reasons why we’re set up to complete deals quickly.
Everyone in our team understands how asset-backed finance works. They can tell very quickly the difference between a viable proposition and one that we probably can’t fund.
This initial due diligence isn’t done by filling out an online form or phoning a busy call centre, it’s done on a call with one of our expert team.
We’ll take the time to understand your business, discuss what security or personal guarantees you need and make an initial assessment on whether we can help.
This highly-personalised approach is only possible because everyone in the team is capable of making these calls.
We don’t have a set of rigid criteria for loans. We do need a certain level of security and we need to be comfortable the loan repayments can be met, but we are willing to look at different ways to make that happen.
For example, we can secure loans against different types of asset. We prefer fixed assets (property, land, vehicles or plant & machinery), but we can be flexible.
We can sometimes accept a mix of personal guarantees and business assets as security if it’s necessary to help the business get the funds.
Traditional lenders often reject loans due to adverse financial information. Our approach is to look carefully at any adverse information and make a judgement on its severity before making a decision on a loan.
We look at an applicant’s whole business portfolio; sometimes businesses can’t access finance because they are too young. We may take a look at other assets the directors own to have a full picture of their background.
We will consider a property that is pending planning approval or an environmental health check; if we’re comfortable the property will pass, we’ll look at putting some processes in place and getting the deal completed.
3. Streamlined Process
We make decisions out of one head office; all of our team work in this office so communication is simplified. Everyone in the office has a handle on what deals are being worked on and the required timelines.
All final loan decisions are made by a credit committee which sit regularly to agree loans. Being in the same office allows relationship managers that are working on deals to maintain a constant dialogue with the credit committee.
If questions or problems arise that a relationship manager thinks may affect a deal there can be an informal discussion to look at solutions, rather than submitting a file to a head office and waiting for a reply. The process is much more proactive.
We understand that deals change – sometimes they need to be completed more quickly than anticipated. It’s common for our credit committee to sit unscheduled if a client needs a deal completed.
4. Great Partners
We have built a network of delivery partners that have the same approach to clients that we do – that is, they want to get the job done and are prepared to move quickly to do it.
It’s not uncommon for us to arrange surveys for weekends or for our legal partners to be drafting documents late to help us get a deal across the line.
Many businesses don’t work in this way but it’s what we demand for our clients and it’s part of our promise to do whatever it takes to get deals completed.
We regularly work with small businesses and understand that things don’t always run smoothly. That’s why we understand when requests are last minute or things change. We know that it’s all part of running a small business on limited resources.
Everyone at Reparo has worked at large blue-chip organisations, which are very different to how Reparo works. We welcome SMEs because we are so well placed to listen and deal with their issues – it’s a great selling point for us.
Get In Touch
If you need to get a loan agreed quickly or want to speak to one of our experts then please don’t hesitate to give us a call.
We offer loans between £10,000 and £1m, so please get in touch with one of the team on mailto:firstname.lastname@example.org or 0161 451 5714.
You can find out more about us on our website: https://www.reparofinance.co.uk