As an independent finance company we are certainly busier than we have been for the last 12 month. The level of enquiries and business written during September and November has been back to pre recession levels. Wether this remains at this level remains to be seen but there are certainly some encouraging signs. Hopefully we have finally turned the corner however we envisage it will be many months and possibly years before the financial institutions and banks start freeing up their lending criteria.
This time 12 months ago we were seeing many businesses putting plans on hold and unwilling to commit to any capital expenditure projects. And who can blame them not knowing the severity and duration of the forthcoming recession. Now 12 months on and I think the general consensus of opinion is that whilst things are not great they probably are not going to get any worse. Therefore if a business can make their plans and plant and machinery investments work in the current climate there is an attitude of lets crack on with it because when business really picks up we will be well placed to reap the rewards.
Although we are hopefully out of the recession banks and finance companies will remain to be tight for months and even years to come. Combined with the lack of liquidity in the finance markets it will be still remain difficult to arrange hire purchase and leasing facilities for the foreseeable future. There are few leasing companies actively lending and many of the banks are looking after their own customers and only the good ones at that. Fortunately there are still a few funders still lending money and a good independent finance broker will be able to source the most appropriate funding. It is most important that all the correct financial information is presented to the appropriate finance company to ensure the best chance of success. This is where XL Business Finance has many years of experience and expertise and we will endeavor to make sure your finance needs are fullfilled.
