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Commercial Finance

Asset finance receivables up 5%

The Asset Finance Europe 50 (AFE50) report shows that total business equipment and vehicle lease receivables hit €299bn in 2018, a 5.4% increase on 2017. The analysis found that the 50 firms ranked increased their total portfolios by more than €15bn year-on-year, with Societe Generale, BNP Paribas and BMW accounting for 48% of the increase. Societe Generale came out on top in the AFE50, with its portfolio growing 15.1% and representing 28% of AFE50 growth in this year’s report. Companies profiled in the report account for around 85% of the wider industry, suggesting total business equipment and vehicle lease receivables of around £351bn. – Asset Finance International

Starling adds Intuit QuickBooks to marketplace

Starling Bank has expanded its business Marketplace with the addition of cloud-based accounting software provider Intuit QuickBooks. It means existing QuickBooks users can connect to their Starling Business Account, while new users will select from four QuickBooks packages before seeing the same service. Account-holders will see their accounts ledger update automatically with each transaction they make. Shaun Shirazian, head of product at Intuit QuickBooks UK, said QuickBooks and Starling’s users having the chance to auto-sync enables a “faster and easier way for them to reconcile their business accounts and make better informed real-time business choices.” – Finextra Alt Fi

Praetura launches £40m Professional Services Fund

Praetura, the group of companies that provides alternative finance to SMEs, is expanding with the launch of a £40m fund designed to provide rapid finance, within 24 hours, to professional services firms such as accountants and solicitors. Praetura Enterprise Finance, which is led by director Paul Slapa and based in Chester, will offer clients access to competitively-priced funding provided directly and via a panel of lenders. The group believes SME-sized companies are currently underserved by traditional lenders even though they require a steady stream of capital to cope with cashflow challenges and to invest in new technology. – Business Money

Business & Legislative News

SMEs urged to build financial resilience for the year ahead

Following news that business birth rates have fallen, Purbeck is urging small businesses to build their financial resilience for 2020 to help maximise opportunities to grow. In a survey by Purbeck, 70% of small business owners said Brexit uncertainty had made their business harder over the past year and the burden of managing cashflow is one of top five hardest things about running a business. At the same time, lenders are demanding more security from business owners and directors for new finance deals – in a recent survey of finance brokers by Purbeck, 49%[iii] reported an increase in demand for personal guarantees in the past year. – Purbeck, Press Release

British Business Bank (BBB) publish Enterprise Finance Gurantee (EFG) accredited lender list

British Business Bank has published a list of Enterprise Finance Guarantee (EFG) accredited lenders, which can be downloaded from the British Business Bank website. The list contains details of all current EFG lenders, including the type of lender e.g. Bank, Asset Finance, Invoice Finance, their regional/national reach and the EFG financial variants they offer. It has been designed to help both intermediaries and SMEs find an accredited EFG lender, supporting British Business Bank’s goal to encourage and enable SMEs to seek the finance best suited to their needs. – British Business Bank

CMA recommends tougher rules for digital giants

The UK competition watchdog has warned that the tech giants are unfairly dominating Britain’s digital advertising market. The Competition and Markets Authority (CMA) said Google and Facebook are “now so large and have such extensive access to data that potential rivals can no longer compete on equal terms,” which could “lead to reduced innovation and choice in the future and to consumers giving up more data than they feel comfortable with.” The CMA’s 283-page interim report into the UK digital market shows that Google has an over 90% share of the UK’s £6bn search advertising market, while Facebook is responsible for almost half of the £5bn display advertising market. The CMA said it believed there was a “strong argument for the development of a new regulatory regime”. CMA CEO Andrea Coscelli says it will present its findings to ministers “as they decide whether and how to regulate what is an increasingly central sector in all our lives.” – Daily Mail

54% of SME bosses to work this Christmas

Research commissioned by full-service IT consultancy ILUX shows that 54% of SME owners plan to continue working throughout their Christmas holidays. ILUX founder James Tilbury says: “Business owners know – perhaps better than most – that sometimes switching off from work completely in order to do so simply isn’t feasible.” The poll, which quizzed leaders at over 500 UK-based SMEs, also looked at IT operations at smaller firms, with 59% of owners saying they themselves take ultimate responsibility, while another member of the management team does so at 10% of firms, 7% use a dedicated IT professional and 9% work with an external IT partner. Pointing to the poll’s findings on working at Christmas and IT, Mr Tilbury says: “To minimise intrusions into family time, the key is to make sure that any time spent working is as productive as possible,” adding that reliable IT provision “can mak e a critical difference, minimising the risk of unwanted disruption caused by IT failures or outages.” – BDaily

Product Updates

MFS lowers bridging loan rates to combat election and Brexit lethargy

Market Financial Solutions (MFS) has lowered its bridging loan rates to combat a potential property market slowdown as a result of the General Election, Brexit and Christmas period. MFS has created a dedicated fund of £50 million for all its bridging products at the new lower rates to ensure loans can be delivered as quickly as possible. The NACFB Patron is now offering rates of 0.59% for its first-charge loans on residential and buy-to-let investments with a loan-to-value (LTV) rate of 60%. This is down from 0.75% previously. – MFS, Press Release

Lendinvest offers bridge to let product

The Lendinvest Bridge to Let product allows the client to buy, potentially refurb and then change to a buy to let mortgage based on the new value.
Bridge terms from 1-12 months.
➣ RATES start from 0.49%PM
➣ 75% Loan To Value it is just – 0.6%PM
➣ NO Exit fees

Newable Loans

Business finance loans from £26k to £150k  with flexible terms of 1-5 years.  No early repayment charges & quick decisions. Range of security options available from EFG, Debenture and Commercial and or residential buy to let property.

Esme loans

 Unsecured business loans up to £250k with terms from 1 – 5 years with no early repayment charges.
Rates from 3.24% per annum

Restore Bridging Finance

 Bridging Loans up to 80% Loan to Value, Loans from £26k and 0% exit fees.  Rates are currently from 0.25%

Personal Gurantee Insurance

Finance for Entrepreneurs are proud to be working with Purbeck Insurance to be able to provide you with access to Persnal Gurantee Insurance.Personal Guarantee Insurance is an annual insurance
policy that provides Directors with insurance cover in
the event the business lender calls on their Personal
Guarantee following insolvency. 
What are the benefits?

  • Covered is based on a fixed percentage
  • Annual or mobthly payment options are available
  • access to business support
  • Can be retrospectively applied for

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