Membership news

Monument gains full banking licence

New Patron, Monument has announced that its licence has been extended by UK regulators allowing it to operate as a fully licensed, deposit-taking bank which is FSCS-insured.

As such, the lender will soon launch a range of easy access and fixed-term saving products. Savers who deposit money for a second fixed-term will get a better rate than a new customer, an approach that will also be utilised with loans – existing borrowers who renew their deal or take an additional loan will benefit from a better rate.

Monument’s target audience is busy professionals including doctors, lawyers, accountants, entrepreneurs, and of course, property investors. It already offers buy-to-let mortgages and bridging loans aimed at experienced landlords looking to grow their portfolios.

Commenting on the licence, Mintoo Bhandari, chief executive officer said: “We are looking forward to every opportunity to differentiate ourselves in the eyes of our clients. With our leading-edge technology and high calibre team, we will deliver services that delight our clients, but we are also certain that we will need to be responsive and evolve with the growing demands and opportunities we will face.”

Record October for Think Business Loans

Think Business Loans has announced it achieved record-breaking sales in October, through the deployment of more than £19 million in unsecured loans driven by the release of its new instant quoting iFunds platform, powered by Experian.

The platform connects to over 5,000 data points, allowing the NACFB Member’s team to provide instant quotes to clients with a 95% accuracy rate using just a company’s registration number. The platform focuses on accuracy of lender scorecards and data legitimacy to drive a reduction in declines and defaults by building a robust picture of clients’ financial health to pass onto their lender partners.

Jamie Stewart, managing director and founder said working with Experian was a huge milestone for the business enabling them to create a one-of-a-kind platform which provides customers with quotes consisting of accurate rates, amounts, and terms.

Commenting on the platform, he said that it was “…the vehicle to drive our ambitious growth plans and sets us far apart from our competition, we see these results as the tip of the iceberg in terms of the platform’s potential.”

Part of the Bionic Group, the NACFB Member has helped some 5,000 clients access £700 million in funding since inception.

Membership News

SMEs can aim for sustainability says 365 Business Finance

365 Business Finance has published a guide which offers simple but effective tips for change to assist SMEs in becoming more sustainable and resilient. The guide entitled ‘How SMEs Can Adopt Sustainable Development Goals’ includes how SMEs can future-proof their business as climate change and other challenges become more prominent in the lives of the next generation.

According to Andrew Raphaely, managing director at the NACFB Patron, some of the tips require little or no investment. Commenting on the publication he said: “The benefits for SMEs of developing and striving to achieve sustainability goals include improved brand image, reduced costs if lowering the consumption of resources in the workplace, and of course preparing for the future by keeping up with updated government commitments and the needs and visions of employees wanting to make a difference.”

The guide, which can be found on the Patron’s website, identifies the 17 sustainable development goals (SDGs) which are at the core of the UN’s 2030 Agenda for Sustainable Development. It also addresses the challenges faced by SMEs in achieving the goals, including limited access to finance, lack of appropriate knowledge and skills, and the pandemic, as well as offering SMEs workable solutions.

Landlords need help to upgrade properties finds Shawbrook

Landlords have begun to take steps to improve the energy efficiency of their properties according to Shawbrook Bank’s research entitled The Changing Face of Buy to Let.

The report found that 17% of landlords had made efforts to improve the energy efficiency of their property, rising to 22% of portfolio landlords (landlords with four or more buy-to-let properties).

One in ten private renters said that they would stay in their current property longer if their landlord made changes to the property which benefit the environment and would be happy to pay more rent.

For landlords who own older properties – which are typically less energy efficient – the report found it would be harder to improve the rating. According to data from the Ministry of Housing, Communities and Local Government there are close to 13 million homes in England and Wales currently with an EPC rating of D or below.

John Eastgate, managing director of property finance at the NACFB Patron said that some owners would “…need support from both lenders, and the government, to make these changes financially possible. Without this, we risk a substantial part of the private rental sector becoming unrentable and therefore unmortgageable and unsellable in 2025.”