Press Release: CODE launches UK-first broker portal providing instant indicative results
CODE launches UK-first Broker Portal providing instant indicative decisions on loans up to £5M.
The way SMEs source finance is changing, rapidly and irreversibly. Our new Broker Portal is the latest major sea change in the market, providing instant indicative decisions on loans ten times the size of other online portals — facilities up to £5m rather than £500,000.
In just a few seconds, intermediaries will be able to see if their clients’ needs match the basic credit policies and broader eligibility criteria of a broad panel of lenders, rather than wait for a decision that can take up to four hours with other systems. It’s a ground-breaking change that will get money to the companies that need it more quickly — and intermediaries paid more quickly as a result.
As well as working for brokers and their clients, the benefits to lenders are also profound: they are only presented with applications that match their exact credit policies and eligibility criteria. In short: no need to waste time on applications that don’t meet their specific commercial appetites.
The portal couldn’t be easier to use. Intermediaries aren’t required to upload endless scanned documents and paperwork, but simply input some basic information, such as company number or name, the amount they are looking to borrow, the purpose of the loan and suggested term.
CODE’s proprietary software then auto-populates key financials using Creditsafe and other third-party data providers via secure APIs, and scans its panel of lenders to provide an instant decision.
If the decision is positive, brokers will be approached by CODE’s onboarding team of SME finance experts, who will guide them all the way to completion in significantly reduced timeframes. Brokers and clients alike are kept up to date via powerful MI tools. Initially, the portal is being trialled through two select brokerage partners – the Liquidity Club and A20 Finance.
David Totney, Managing Director, Liquidity Club, commented:
“CODE Investing’s new Broker Portal doesn’t just deliver instant indicative decisions, it also fills a critical gap in the market. The P2P portals out there that are powered by this kind of tech only work for loans up to £500k, while CODE Investing is a marketplace targeted at the ‘Ms’ in SME, companies seeking larger loans of between £500k and £5m. We were highly impressed when the portal was demoed to us and are looking forward to working with CODE to get money into the market through their panel of lenders.”
CODE Investing’s strong lender relationships, including with some of the world’s largest investment and commercial banks, specialist lenders, leading asset managers and institutional, private and pension funds, unlocks funding options previously not available to SMEs.
Debt financing is a particularly popular option for companies that need a loan of more than £500,000 but have found traditional lenders reluctant to help out and don’t want to dilute ownership by offering equity.
We’ve helped a global construction contractor source an MBO funding package from a range of lenders alongside our corporate finance partners.
CODE Investing attended this year’s NACFB Commercial Finance Expo in Birmingham and showcased their latest key product offerings.
The latest BEIS survey evidences the challenges faced by SMEs trying to secure finance from traditional lenders.