At Wenham Specialist Finance, we help business owners in the Birmingham area to find the tailored finance solution that suits their needs. We support companies of all sizes, from sole traders to national chains, across a wide range of sectors..
How Does Commercial Finance Work?
Here’s a quick overview:
Whether you’re just starting out or growing an established business, there are plenty of commercial finance options for you. Here are just some of them.
Bridging Loan:
Loans can be long- or short-term, secured or unsecured. Secured loans require you to offer an asset as collateral, but typically have higher borrowing thresholds, lower interest and a longer payment term. For unsecured loans, you won’t need collateral but you may have to provide a personal guarantee.
Revolving Line of Credit:
Also called a revolver, this facility allows you to borrow up to a certain credit limit on an as-needed basis. You’ll only pay interest on what you borrow, and there may be a daily fee. Once you repay the credit, it’s available to borrow again.
Asset Finance:
Lease and hire purchase plans help you spread the cost of expensive assets like equipment or vehicles. Repayment is monthly, including VAT and fixed interest. You can also release equity by refinancing assets you already own.
What can Wenham Specialist Finance do for me?
Commercial finance is a crowded marketplace, and it can be hard to find the option that works best for you. As your Birmingham finance broker, we’ll work with you from the very first step. We’ll do all we can to make the process clear, understandable and hassle-free.
Our expert team has experience across the full range of commercial finance options. We are networked with a diverse spectrum of lenders, ranging from small, sector-specific leasing companies to large mortgage providers and nationwide banks.
What do I need to apply for financing?
When you apply for any kind of financing, lenders always want to know that you will be able to pay the money back. Specific requirements will vary depending on a number of factors: how much money you want to borrow, whether you can offer collateral, how long you’ve been in business – and more. But there are a few crucial things that will make any application stronger.
Financial evidence:
Your business’s financial health is an important factor in evaluating the application. The lender will ask for financial accounts over a certain period, as well as other documents such as a cash flow forecast and balance sheets. New businesses may have to apply for specialist start-up funding.
Clean personal and business credit scores:
Lenders always carry out standard credit and security checks. Both your personal and business scores will count, so it’s important to make sure any issues are cleared up before you apply.
A business plan:
The more detailed, the better. Staff and structure, marketing, profit-and-loss projections – these should all be factored in.
If the process seems daunting, don’t worry. We’ll always be on hand to answer questions and provide help.
Get in Touch
If you need commercial or specialist finance, we're here to help. Use our form to submit an enquiry or get in touch with a member of our team directly.
At Wenham Specialist Finance, we are dedicated to helping you understand commercial finance in Birmingham and support your business grow.