Here are some of the most frequently asked questions we get asked. Can’t find the answer? Get in touch with us on the webchat or email us at [email protected]
We’ve created a calculator to help you work out how much a loan might cost, as well as how much you may be able to afford based on your profits.
We have a formal panel of over 70 lenders that we introduce clients to. We’ve carefully chosen an extensive selection of the best lenders to work with based on reputation, governance, ability to deliver and product range. Our lenders include High Street banks, leading alternative finance providers, peer-to-peer lenders, challenger banks and specialist lenders.
Take a read of our guide on how much a loan wll cost.
Our Business Finance Specialists are all experts in the field with extensive experience in helping businesses and property professionals find the right finance. On average the team has 20 years banking experience. Our specialists will take the time to understand your business and requirement and help structure a proposal to obtain the best finance offers possible. They’ll then be on hand to help you every step of the way.
We don’t undertake credit searches, so applying to us will not affect your credit score. When we approach lenders they will undertake either “soft” or full credit checks, but typically no more than two full credit checks will be carried out during this part of the process.
You can check your credit file via our partners checkmyfile.com
Take a read of our guide on business loan eligibility.
For unsecured finance applications (ie those not requiring a legal charge over property) we will provide our services to you without a fee.
For property-related transactions (requiring a legal charge over a property) our charges are:
– For simple Buy To Let mortgages we charge 0.5% of the gross loan arranged, with £495 to be paid on offer and the balance paid at completion.
– For commercial property and complex Buy To Let mortgage transactions we charge 1% of the gross loan arranged, with £995 to be paid on offer and the balance paid at completion.
We may agree a different fee level with you depending on the complexity of the case, which will always be agreed in writing before offer. Our fees are non-refundable.
Our revenue predominantly comes from commission from lenders if they arrange a finance facility. BIZL provides a great way for lenders to find good quality businesses that they want to help, and more often than not we’re a more cost-effective route for acquiring quality new customers than spending lots on direct marketing.
We’re big advocates of transparency, so if you would like to know exactly how much we will earn by helping arrange your finance, then just ask.
For property transactions we also charge the client a fee due to the level of work involved and the additional value we add in these scenarios.
When lenders quote through our platform they typically offer the same pricing and terms that you would get if you went direct. Very often by using BIZL our customers can get exclusive rates that are not normally available by going direct, as we can get certain lenders competing against each other for your business.
Take a read of our guide on raising finance without giving a personal guarantee.