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Factoring
Factoring is a common type of invoice finance and widely used in UK business. With factoring, you effectively sell unpaid invoices to a lender who will pay you a cash advance based on a percentage of the invoice’s value – generally around 80% to 90% of the total.
This type of invoice finance is very similar to discounting; the key difference being that the sales ledger will be controlled by the lender who will be responsible for collecting payments from customers, saving you time chasing outstanding invoices.
With a number of business finance options available to most businesses, it can be difficult to know which one is the most appropriate, but factoring could be a good option if:
Your credit control procedures are robust, and known to be effective
You have minimal bad debts
Your customers pay on time in the main
Customers have a minimum of 30 days in which to pay
You meet the minimum level of turnover required by the lender
Factoring solutions are usually more widely available to established businesses rather than start-ups which, by their nature, would not have reliable turnover and credit management processes.
The factoring market is fierce with lending based on the value of invoices, and it is a good idea to obtain professional advice on which type of factoring contract would be most suitable for your business. UK Business Finance can offer the professional guidance you need when considering factoring. We are able to advise on whether this is the right type of finance for your business, and help you understand the benefits offered in more detail. Alternatively, we can ascertain whether a different finance solution is more suitable in your circumstances.
UK Business Finance and Skipton Business Finance have a great working relationship based on the same ethics, where a customer’s requirements always come first. We find the team very knowledgeable, approachable and easy to work, which makes our job and whole lot easier.
Allan Underwood
Sales Director (North), Skipton Business Finance
Karl’s handling of the introduction was excellent – providing a thorough briefing pre-meeting and accompanying me to the initial meeting to set the scene with the company management team provided the perfect start to discussions and enabled a quality discussion which led to the application being quickly progressed through to drawdown and the company receiving a fit-for-purpose and bespoke funding structure. Karl’s follow-up throughout the process was supportive and value-adding.
Pete Sorsby
Investment Director – Mercia Asset Management
Having worked with the team for a number of years, my experience is only positive. As well as offering the right support and advice to clients, they partner the right funder best suited to each business which results in successful long-term relationships and finance facilities that actually work. A specific case that Calverton Finance was able to support was a courier business with £60,000 of HMRC arrears. HMRC, unfortunately, were not willing to agree a time to pay arrangement at that level. UK Business Finance introduced Calverton and we were able to take out the existing funder and inject a £30,000 EFG loan into the business to help pay off half of the arrears to HMRC. The client was delighted they could continue trading due to the advice provided by the team.
Emily Revill
Calverton Finance Limited
I have worked with the team for the past three years and found them to be very easy to deal with. Their approach to finding suitable funding solutions for their clients is exemplary; for every new enquiry the team always provides a thorough overview of the client’s needs and then discusses a suitable way forward to provide the funding solution required. Throughout every funding application they maintain a hands-on approach, arranging joint meetings or calls, and are always on hand assisting both client and lender in obtaining relevant information required for the application to progress. I look forward to working with the UK Business Finance across 2020 and beyond.
Barry Dillon
Regional Development Director – Yorkshire, Together
We have worked with UK Business Finance for a number of years on multiple cases involving different lending products and sectors. It is important as a lender that you work with introducers you trust, the client trusts and those you know are solution orientated for that client. The team tick all those boxes.
Nick Smith
Managing Director – North West, Reward
I have worked with Karl Hodson for many years. Karl is professional, experienced and personable and has vast experience in both finance and advisory roles. A recent deal saw Karl refer a customer to us who required funding very quickly. The team were experts in the complexities of raising finance and offering strategic business advice and were able to successfully secure a six-figure investment. I would not hesitate to recommend UK Business Finance and look forward to working with them in the future.
Anne Blanden
Senior Investment Executive – FW Capital
The team at UK Business Finance have extensive knowledge of the UK finance market and take a commercial approach to getting things done. We have worked closely with Scott Bradley, who takes the time to identify funding requirements and present the right solution.
Ken Elms
Business Development Manager, Positive Cashflow
How
UK Business Finance Works
Business funding at the click of a button
Scouring the marketplace for cost-effective funding is what we do best by analysing your business situation and matching you with the perfect lender. Once we know your objectives and funding requirements, the process can move very quickly.
An honest and refreshing approach
Our approach to finance-finding is completely objective. We don’t push lenders your way if they’re not offering the best finance solution for your needs. Some brokers will only suggest lenders that secure them the biggest kick-back – that’s not us.
It’s a match - your funds are on the way
Our experts have liaised with more than 50 lenders on your behalf and will recommend the best finance package for your business needs. Once you have accepted the quote presented to you, you’ll have the money in your account within 24-48 hours.
Karl’s handling of the introduction was excellent – providing a thorough briefing pre-meeting and accompanying me to the initial meeting to set the scene with the company management team provided the perfect start to discussions and enabled a quality discussion which led to the application being quickly progressed through to drawdown and the company receiving a fit-for-purpose and bespoke funding structure. Karl’s follow-up throughout the process was supportive and value-adding.
Pete Sorsby
Investment Director – Mercia Asset Management
I have worked with Karl Hodson for many years. Karl is professional, experienced and personable and has vast experience in both finance and advisory roles. A recent deal saw Karl refer a customer to us who required funding very quickly. The team were experts in the complexities of raising finance and offering strategic business advice and were able to successfully secure a six-figure investment. I would not hesitate to recommend UK Business Finance and look forward to working with them in the future.
UK Business Finance and Skipton Business Finance have a great working relationship based on the same ethics, where a customer’s requirements always come first. We find the team very knowledgeable, approachable and easy to work, which makes our job and whole lot easier.
