85% of of brokers who responded to a new survey by specialist lender, Just Cashflow, identified poor communication and lack of information on how deals are progressing as their top frustrations.
According to Martine Catton, Deputy CEO at Just Cashflow, the results were of little surprise, following daily feedback from brokers.
Martine explains: “This feedback and the survey results show how important it is to not employ a ‘one size fits all’ communication approach. If you do you will miss out on promoting your financial solutions to a wide range of brokers.
“We have long standing broker relationships where we know the preference is to simply pick up the phone and have a conversation. We also see an increasing trend in brokers that are happy to deal exclusively through our dedicated broker portal.
“I know brokers hugely valued prompt and decisive communication and there are occasions when the second best answer we can give is a quick ‘No’. This means valuable time isn’t lost and the focus can immediately be on finding a lender that can make the deal work.”
Essex based commercial finance broker Elite Business Funding has been working with Just Cashflow since 2018 and Director Charles Groves says good and timely communications is key to a growing and highly effective working relationship.
He says: “We appreciate Just Cashflow’s open approach to their underwriting criteria which is accessible and straightforward. Being able to speak to their underwriters directly, if this is called for, is also highly valued,” he explains.
“We recently had a client that had been a sole trader for 4 years and had just set up as a Limited Company. As he only had only been trading for a month, lenders were reluctant to provide funding. However, being able to fully explain the situation to Just Cashflow paid dividends as they looked at our client’s full trading history as a sole trader and provided him with a £20,000 Revolving Credit Facility. This funding supported his business development and within a month he landed a £260,000 contract.”
Martine concludes: “Someone cleverer than me once said ‘Good communication is the bridge between confusion and clarity’ and this explains why we invest in having so many bridges in place."