asset finance: credit documents for faster loan approvals
Ever wondered how some Asset Finance brokers seem to get deals approved fast and more often? Are they doing something differently? Do they know something you don’t?
Would you like to know the Top Brokers’ secrets to achieve loan approvals faster?
We thought it was time to let the proverbial ‘cat out of the bag’ so you can achieve new records in settlements with your business clients, starting now!
Sometimes it can feel like a mystery on how to consistently get your asset & equipment finance deals over the line. It can also mean the difference between celebrating a new client or wasting your hard efforts without the desired outcome, only to have to start again with the next client.
Here are Credits’ Top Tips to get asset finance loan Approvals Faster!
we’ve hit up the credit team to provide their top tips to help you get more approvals much quicker and assume the status as a ‘Top Broker’ in our eyes:
the most common missed documents:
- Trust Deeds. These can be made a condition of finance approval, but they help in confirming that we have the correct guarantors. However, trust deeds aren’t merely about confirming the identity of guarantors. For example, if a trustee is the customer, the trust deed which regulates the trust relationship will help us in confirming if the trustee has the power to enter into the finance deal in the first place and/or provide guarantee for the facility.
- Privacy Agreements. We can’t do credit bureau checks without these.
documents at a minimum that support quick assessment & loan approval
- Privacy statement. This one document will massively speed up the approval times.
- Description of company & assets (Preferably an invoice if they have it, or at least pro forma)
documents that make you “standout”!
- Background Story. The easiest applications to assess are ones where the Broker has provided background on the customer and how the asset will fuel the customer’s growth and ambitions. This helps to put everything else in the application into context and demonstrates the Brokers understand their clients.
a convenient guideline
we created a free infographic showcasing all the required documents for quick loan approval. So you will never miss a paper when submiting new deals again.
the ‘standout’ differences between a Top Broker and other submissions:
Top Brokers’ place importance on and, make a point of building & developing a solid relationship with the decisioning team. The best position for a broker to be in is when Credit knows the broker well, understand how they package a deal well and want to work on their files. Top Broker deals put a smile on our teams’ faces when these deals arrive – Your relationship with us can sometimes make or break our day!
tips from our credit team for faster loan approval:
Give as much information as you can ‘upfront’ including a brief background on the customer and how the asset will contribute to their business. It’s best not to make Credits guess, it will only slow the process down and can risk the finance approval in some cases.
If the Broker knows of something that might slow down the application, such as a default on the customer’s credit file, address the problem head-on – include it with an explanation in the application. If you’re already unsure of or questioning something – you can count on Credit feeling the same, and even go looking for what else might be wrong with the deal. Overcoming the ‘potential’ objection before it arises means we can assess & approve deals much faster & easier for you.
we’re here to assist!
Our BDMs are available to guide you through client scenarios and educate you on the latest cashflow solutions to meet your clients’ needs. We understand what it takes to present comprehensive business loan solutions as a mortgage broker. We also understand the importance as a mortgage broker to fully understand the products so you can confidently present them to your clients.
Thornmoney provides simplified cashflow solutions to help with the pains of business expansion. If you’re an asset finance broker who deals with small businesses, connect with our BDMs to learn more about how our innovative cashflow solutions can help you to create a complete financial strategy for your SME clients above and beyond just providing their primary home loan or commercial loan.
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