CODE attends the NACFB Commercial Finance Expo 2019

by Jun 22, 2019CODE Investing News, Events, Intermediary Tips, Intermediary/Broker News, Small Business News

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CODE glows at the 2019 NACFB Commercial Finance Expo in Birmingham.

Castle Water Conferenc

CODE was delighted and not a little humbled by the reception for its first stand at the 2019 National Association of Commercial Finance Brokers (NACFB) Expo in Birmingham. We came with two key offerings to brokers: a technologically advanced platform for them to access the finance market more effectively and an exciting, unsecured product from a  strategic lending partner.

 

We were proud to showcase our broker-friendly software, which automatically formats and retrieves borrower financial information and provides a match with lenders. This added quite a wow factor to our stand. The most common reactions were “That’s amazing!”, Just what we need,” and, encouragingly for us, “This must be the future of the industry.”

 

The day was also useful in being able to dispel a couple of understandable misconceptions. The first is that we replace or disrupt brokers. In fact, our working model is to sit alongside and assist brokers. We are a tool to help them assess the strength of their clients’ propositions and find the right lender quickly and efficiently. We look to establish long-term, mutually beneficial relationships with brokers, giving them a smoother route to the lender market and faster indicative responses. 

 

The second misconception is that we are just an on-line, automated processor of deals and finance enquiries. As our densely populated stand at Birmingham showed, there are a lot of humans at CODE! As well as our technical brainiac’s, we have a strong team of in-house credit, sales and operations people, all working to shape client reports and then channel them to our lender panel with which we enjoy regular, personal contact.

 

Predictably enough, the unsecured finance line that CODE deploys on behalf of an institutional lender created quite a buzz. For those brokers not yet familiar with this off-market product, we were able to explain how it works: a credit line based on covenants rather than security, of between £500,000 and £5,000,000 over 5 to 8 years. Some visitors took a lot of convincing that unsecured means just that – with not even PGs taken.  

 

Because of our strategic alliance, CODE is empowered to work with brokers whose clients need an unsecured finance line. We help assess whether their clients qualify, craft a comprehensive report and liaise with our lending partner on the credit process. Although a relatively new product, we already have approved and funded clients, one of whom, Apex Prime Care Ltd, said, “We found the process very smooth and efficient and we would have no hesitation in using CODE again in the future.”

 

With such a great reaction from other attendees, we were sorry when the sun finally set on Birmingham. Without our tech brainiac’s present we only just managed to disassemble the stand, but nothing could cool the warm afterglow from a terrific first NACFB expo and the number of new broker friends made.

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