The main reason is to avoid wasting the client’s time, the funder’s time and our own. The client is not waiting on an answer which is a certain no, the funder does not have to sort through useless proposals, and we do not spend time sending applications where they will never get accepted.
We have access to over a hundred different lenders, but we will only submit a proposal where the applicant has a genuine chance of success. This means it can take longer to get the proposal submitted, but we never get automatically rejected due to poor selection.
The other reason for our approach is it reduces the number of searches made on Directors in a business. Multiple searches can temporarily reduce the Directors personal credit scores, so we obviously want to keep any searches to a minimum. Again, this means sending applications where we genuinely believe they will be accepted and communicating this with the client every step of the way.
The proposal process is key to what we do and how we ensure the highest success rates and customer satisfaction. If you have any questions about organising finance for your business, please get in touch by emailing me at sam@startpointfinance.co.uk.