Spotcap increases max loan size

Spotcap has increased its maximum loan size to £350,000 from £300,000 following growing demand from brokers.

The SME finance provider believed this increase would enable SMEs to access greater sums of cash, completely unsecured, with no need for a personal guarantee, and will provide brokers with a dedicated team to support them through the sales process.

Speaking exclusively to Bridging & Commercial, Kevin Vendel, head of sales at Spotcap (pictured above) felt the enhancement would enable Spotcap to target a wider market of clients.

“We expect to receive more applications from medium-sized and larger businesses, with a higher turnover, and those that have been operating for a longer time.

“At the moment, we already see this development with our £250,000 applications.

“While we ask for more documents from clients looking for a larger loan, we didn’t feel the need to change any of our underwriting processes to meet with the £350,000 offering.

“We constantly review our processes to ensure our team and technology are in the best position possible to offer a loan that’s right for all involved.”

Rising demand from mortgage brokers

Kevin also highlighted that he had seen a rise in the number of loan applications from mortgage brokers as they increasingly looked to expand their loan portfolios.

“Clients trust their mortgage broker and, often when they are looking for a mortgage, they're also in need of a business loan, perhaps for inventory reasons, hiring staff or even refurbishment of the business.

“As mortgage brokers diversify their portfolios, they become a one-stop-shop for their clients' financial needs.

“Therefore, being able to offer business loans makes perfect sense for mortgage brokers.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the B&C mailing list, I will receive relevant news and promotional material via B&C on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment