Don’t apply for a loan or mortgage without knowing exactly what you need. Whilst in many cases someone with my experience might be able to give you options of what is available in the marketplace, if you only approach your own bank (like 60% of other UK business owners do) then they may turn you down because they don’t understand what you need.
Work out a basic projection based on the new space. How many more rooms, covers or drinkers will you accommodate, how much would they spend typically? Will you need more staff front of house? Will the kitchen be able to cope or will improvements be needed there too? Cash-flow templates are available on the internet and you should be able to complete one by yourself. Your broker will always clean it up if there are mistakes in it, better that way than the bank rejecting your application!
Now you understand the costs and benefits, we can look at how much you’re going to need to borrow to get the job done. If you have some savings you can contribute that will potentially improve your chances of getting funding and lower the overall costs by letting you borrow less.
If you are having building work done always have a contingency budget beyond the quotes you have, I’d recommend 10% extra. There are always extras that you decide would enhance the space or things you might have forgotten. There are often unforeseen difficulties which can push costs up.
Before I ever approach a bank or other lender on behalf of a customer I get a full understanding of their plan and their circumstances. That can mean collecting a lot of paperwork from them but it’s what the lender is going to need anyway so it’s better to have it all ready up front.
The basics are accounts, management figures and VAT returns.
Many lenders will also want to see bank statements for the last six months and these days, to combat money laundering we’ll always need to confirm your identity and your address.
Beyond that I always recommend clients undertake their own credit check. It can be done for free with any of the three main providers (Experian, Equifax and Noddle) and if you do your own it doesn’t impact your credit score. If you have had any issues in the past we can then discuss them and depending on the circumstances and the severity we might be able to persuade a mainstream lender to be flexible or we’d go to a specialist lender. There are lenders in the market for almost any situation – so even if you think it’s impossible it’s worth talking to a specialist licensed trade broker like Acorn.finance to discuss your options. Your initial assessment will always be free.
Our experience of 20 years making purchases happen
Our award-winning approach to business and property finance
Our 5* customer service
We understand your problem, then help the lender to understand.
Don’t just take our word for it
acorn.finance is an award winning finance broker, here are a few testimonials from our clients;
UK Commercial Mortgage Broker of the Year – 2016, 2015 & 2014. (M&I International)
Commercial Mortgage Broker of the Year – 2013 (Business Moneyfacts)
Shortlisted – Commercial Mortgage Broker of the Year – 2014 & 2015 (Business Moneyfacts)
Acorn Commercial Finance (Acorn.finance) is authorised and regulated by the Financial Conduct Authority (FCA) – #660207
We are also full members of the National Association of Commercial Finance Brokers.
Although most of the commercial mortgages, business loans, buy to let mortgages, bridging finance and property development loans acorn.finance arrange are not regulated by the Financial Conduct Authority we take our responsibilities as a professional broker very seriously and apply the highest standards of customer service and advice to every case, regulated or not.
As members of the NACFB since 1997, our ethos has always been to adhere to their Code of Practice in every aspect of our business.
The NACFB has operated an industry recognised Code of Practice since 1992 which endorses best practice in the industry. All NACFB brokers agree to abide by the Code of Practice which ensures that you have the guarantee that Acorn.finance will always operate professionally and in your best interest.
Founded in 1997 by father and son team Tom and Paul Thompson, Acorn Finance have long been one of the leading finance brokers in the small business and property sectors.
We’re a multi-award winning team with 7 “best UK broker” awards in the last 6 years and have been featured on the BBC Inside Out programme to show best practice in the commercial lending sector.
Acorn’s specialist knowledge of small businesses marked us out as the “go to” broker for any trading business but especially those in the hospitality sector which resulted in Acorn Commercial Finance becoming the only finance provider asked to join the BIIAB (British Institute of Innkeeping Advisory Board).
We work harder to find the funding you need to thrive
Acorn.Finance (Acorn Commercial Finance previously) have been funding commercial and investment property since 1997.
As a small business just like you, the Acorn.finance team understands the needs and time pressures of the buy to let property investor, developer or business owner.
Our mission is to give every business owner, property investor or developer access to the finance they need to thrive and grow. In a broad and fragmented market with more lending sources than ever, it is no longer an option to rely on the products of just one lender for the life of a business, lenders are many and varied. Our role is to help you find the very best funding package to fill your needs, and to have the funding available to you, just when you need it. To do that we work across the whole of the finance market, from the high street banks and challenger banks through to crowdfunding providers (including our own) and sometimes private equity and businesses angel investors.
Whether you are growing your business or investment portfolio or just starting out then finance is of vital importance and getting the best deal can easily be the difference between growing or not or even failure. Our experts take time to understand your needs and aims in both the long and short term before recommending you a product which we believe is the best one to achieve your aims. By taking that time to understand your needs we also work more closely with our lenders than most brokers, that means we have a market leading level of success with more applications going through to a successful completion and more of our clients go on to long-term success.
Call your local office using our freephone number –
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344-354 Gray’s Inn Road
Serving London, the South-East of England and East Anglia.
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2 Wellington Place
Almondsbury Business Park
152 Morrison Street