Christmas Opening Hours

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We would like to thank all our loyal clients, introducers and partners for working with us in 2018.

Christmas Opening Hours:
Friday 21st                     9am to 1pm
Christmas Eve               9am to 1pm
Christmas Day                         Closed
Boxing Day                               Closed
Thursday 27th       10am to 3.30pm
Friday 28th             10am to 3.30pm
New Years Eve        10am to 3.30pm
New Years Day                          Closed
Wednesday 2nd              9am to 6pm

“Helping you and your business make the right funding decisions”

ECS Group continue to work with a wide range of innovative lenders enabling us to offer our advisors and clients an unparalleled range of funding facilities. Enabling us to meet all our existing and new clients current and future cashflow, capital and investment needs.

If you would need to speak to a member of the team over the Christmas period please call us on

 01482 635400 or to request a call back please click this link to take you to our contact form.

(Calls may be diverted to voicemail over the Christmas period but all calls will be picked up within a maximum of five working hours) 

Easy access to Unsecured Business Loans for instant working capital

Almost all businesses will need to borrow money at some point in their life.  Whether you are a brand new Start up business looking for some working capital to establish yourself, or a large established business exploring new markets or need to fund the cost of that new contract.

Whilst your bank may be willing to look at assisting you up to a certain point, once past their comfort zone the barrier goes up or you need to secure the loan against property.

We have access to a wealth of unsecured business loan providers and with our experience we can identify the most suitable lender for you.

We can source funds for

  • New business start ups

  • Existing business with as little as 6 months trading

  • Amounts from £500 to £500,000

  • Terms from 1 month to 10 years

  • Interest rates starting from as low as 3%

  • Decision within 24 hours of full application

  • Funds released within a few days

  • Less than perfect credit history

Businesses are no longer limited to the decision of their bank manager when it comes to raising capital for their business.  Our managers work closely with specialist short term, unsecured lenders, peer-to-peer or crowdfunding lenders, lenders who only work with intermediaries and banks or private investors who are able to make a decision based on the requirement and potential of the business without being tied to automated decision making.

See below for a few examples of lenders policies for unsecured, short term loans.

Lender

ECS011

ECS019

ECS166

ECS223

Loan Amount

£3k – £500k

£25k – £100k

£500 – £25k

£10k – £250k

Term

6m – 5 yrs

1m >

12m – 5 yrs

1m – 15m

Age of Business

2 yrs accounts

Min 6 months

Under 6 months

Min 2 years

Early Repayment

No penalty

No penalty

No Penalty

No Penalty

Personal Guarantee

Yes

Yes

Yes

Not Required

These are just a sample of the lenders who support SMEs where their main bank has not been able to support them.

If you have any clients who require cash quickly and have a profitable business or strong projections (borrowers do need to be able to demonstrate they can afford to repay the finance), please contact us with a brief overview of your clients needs and we will do the rest.

(a fee may be charged direct to the client.  This will be fully discussed and advised before any commitment is made by the client)

 

If you have any questions regarding buy to let borrowing please contact a member of the team on 01482 635400 or click the “Contact Us” button below to send a message to us.

 

Business Peer-to-Peer Business Loan lending up 65%

credit card

“P2P Business Lending is becoming an increasingly important contributor to overall SME financing in the UK,” a report by the CCAF says.

The total UK online alternative finance market grew to £6.19bn in 2017, up 35% on 2016 (£4.6bn), according to research conducted by the Cambridge Centre for Alternative Finance (CCAF) who recently released “The fifth UK Alternative Finance Industry Report.”

The report confirms that P2P business lending had become an increasingly important part of financing for smaller businesses and was conducted with support from the Peer-to-Peer Finance Association and the UK Crowdfunding Association, which included responses from 75 platforms.

The report found that Peer-to-peer business lending accounts for the largest proportion of the total market, with SMEs borrowing £2bn through these platforms last year, a 65% increase on 2016.

Sector by sector:
Business Lending to SMEs     £2bn
Consumer Lending                  £1.4bn
P2P Property lending             £1.2bn
Invoice Discounting                £0.79bn

The value of equity-based crowdfunding transactions rose 22 per cent last year to £333m, the Cambridge Centre for Alternative Finance said, with 49% of equity-based crowdfunding coming from venture capital funds and professional investors co-investing with retail investors.

Peer-to-Peer is also proving attractive to large institutions, with 40% of the funding of Peer-to-Peer business lending coming from mutual funds, pension funds, asset managers, banks, family offices and other financial institutions.

Bryan Zhang, executive director at CCAF, said: “This report reflects an industry that is playing an increasingly important role in helping consumers and businesses access finance, while growing to become more diversified, sophisticated and institutionalised.”

The team at Elite Corporate Solutions can help identify the most suitable form of finance. Where Peer-to-Peer is the most suitable option we can work with you and the lender to produce a professional pitch to investors.

If you would like to find out more about Peer-to-Peer or Crowdfunding please contact the team on 01482 635400 or to request a call back please click this link to take you to our contact form. 

 

HMO mandatory licence changes with effect from 1st October 2018

terraced-HMOs

Mandatory HMO Licensing scheme is changing from Monday 1st October.

If you are a landlord with shared properties, the new changes may affect you.

Main Changes
1. Extension of Mandatory Licensing
2. Introduction of minimum room sizes
3. New rules for rubbish

Extension of Mandatory Licencing

What Properties are affected?
   – Any property rented to FIVE or more people
   – From two or more separate households
   – Sharing basic amenities such as shared kitchen, bathroom lounge etc.
   – Number of storeys are irrelevant (previously three or more storeys)

Are there any exclusions?
Yes. Even if the HMO meets the above criteria they may be excluded from mandatory licencing. E.G.
   – Purpose-built, multi-occupancy flats in a block of 3 or more self-contained flats
   – Converted blocks of flats classified as Section 257 HMOs.
(check with local authority for local rules re HMO licencing)

What Type of Licence is Required?
Most qualifying properties will require a Mandatory HMO licence, however local rules vary so check with the local authority to see if an Additional Licence or Selective Licence is required. If you already have an additional or selective licence, you do not need to reapply until the existing licence expires.

What do I need to do and when?
If your HMO requires a new Mandatory Licence under the new criteria you must:
   – Apply to the local authority for a licence for each HMO BEFORE 1 OCTOBER 2018
   – Failure to apply for a licence is a criminal offence, which may lead to criminal prosecution or a Local Authority fine of up to £30,000.

What else is changing from 1st October?

Introduction of minimum bedroom size

Why is a minimum bedroom size being introduced?
   – To tackle over-crowding in HMOs,
   – Under a new mandatory HMO licence from 1 October landlords cannot let a bedroom if it doesn’t meet the minimum requirement.
   – Cannot use communal space within the HMO to make up for a bedroom that is deemed too small.
(If you have a current licence, you do not need to comply with this rule until the licence expires. The local authority can extend this period up to 18 months).

What is the minimum Bedroom size?

The new rules set three statutory minimum sizes, but your local authority has the discretion to increase these. Check with the local authority for clear guidance.

Statutory sizes
Firstly, any part of a bedroom with a ceiling height of less than 1.5m is discounted when measuring.

The following table shows the minimum sizes.
No of people Sleeping           Age                  Minimum Bedroom Size
                  1                        Over 10 years                  6.51m2
                  2                        Over 10 years                10.22m2
                  1                      Under 10 years                  4.64m2

It is the Landlords responsibility to tell the local authority about any room in the HMO with a floor area less than this minimum.

Local Authorities have the righto to inspect the property if they are not happy with the information provided on the Mandatory Licence Application.

I already have a Licence

   – If you already have a mandatory, selective or additional HMO licence, you won’t need to comply until it expires.
   – If in doubt about anything talk to your local housing authority, especially if you think your property might not be compliant with the new rules.

Do you need finance to pay for alterations to your property to comply with the new rules?

If you need to undertake work to your HMO to comply with the new minimum bedroom sizes, it is likely the local authority will give you some additional time to comply.

There are a number of options to consider when raising finance. If the property is in your own name this may include a Personal Unsecured Loan, or a loan secured on your home (1st or 2nd charge).

Alternatively, you may wish to raise funds against the investment property whether this is in your own name or in the name of a limited company. Again, this may be an unsecured loan or a secured loan against the property (1st or 2nd charge). The sooner you talk to your lender or a specialist in raising commercial finance, the better.

Please call me on 01482 635400 or click the link to and a member of the team will be in touch if you have any questions around HMO, student lets or standard Buy-to-Let property finance.

 

The other major change from Monday 1st October 2018 is around Waste Disposal

From 1 October 2018, a mandatory HMO licence will include the requirement for landlords to comply with the council’s storage and waste disposal scheme.

Why?
   – HMOs typically produce more rubbish than single family homes
   – government wants to ensure all waste is disposed of properly.

It is the Landlords responsibility to ensure:
   – The HMO has sufficient waste disposal facilities inside and out
   – The occupiers know what waste goes in which bin
   – Which day to put out the rubbish
   – Ensure the bins are not obstructing the pavement.

Check with your local council for details of their specific scheme.

If you would like to find out more about HMO or other Investment Property Finance please contact the team on 01482 635400 or to request a call back please click this link to take you to our contact form.

 

Latest News Summary

GDPR Aide Memoire for Sole Traders and Small Businesses

As sole traders and owners of a small business return to our desks at the dawn of 2019, it is time to review our Data Protection requirements.  The new EU rule, the General Data Protection Regulation (GDPR) became law in May 2018, there is still a great deal of confusion at SME and sole trader level. Many small businesses do not have the time or resources to ensure they fully comply with the new GDPR

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Christmas Opening Hours

We would like to thank all our loyal clients, introducers and partners for working with us in 2018. Christmas Opening Hours:Friday 21st                     9am to 1pmChristmas Eve               9am to 1pmChristmas Day                         ClosedBoxing Day                            

Read More »

Easy access to Unsecured Business Loans for instant working capital

Almost all businesses will need to borrow money at some point in their life.  Whether you are a brand new Start up business looking for some working capital to establish yourself, or a large established business exploring new markets or need to fund the cost of that new contract. Whilst your bank may be willing to look at assisting you up to a certain point, once past their comfort zone the barrier goes up or

Read More »