Unsecured Business Loan for Refurbishments
Business Development Manager, Jake Bebbington explains why Unsecured Business Loan can be an ideal finance option for businesses looking to complete refurbishments or fit-out projects.
At a glance
In this interview, Faye Stratford, Senior Marketing Executive talks to Jake Bebbington, our Business Development Manager and go-to Unsecured Business Loan expert, to find out why Unsecured Business Loan can be an ideal finance option for businesses looking to complete refurbishments or fit-out projects.
Q: Hi Jake, firstly, can you tell us a bit about yourself and how you’ve come to be our resident Unsecured Business Loan specialist?
A: Sure. I’ve been working in commercial finance for around 12 years, supporting brokers and their clients with asset finance, vehicle finance and unsecured loans.
Having worked for a number of years in the loan space I’ve gained extensive knowledge of the industry, understanding how our competitors work and most importantly what brokers need. I’ve forged some great relationships over this time, which has been crucial to my success here at Shawbrook since joining earlier this year.
Q: Can you give us a brief recap of what an Unsecured Business Loan is and how it differentiates itself from other finance options on the market?
A: An Unsecured Business Loan is tailored for specific capital expenditure investments. It’s ideal for businesses aiming to grow by acquiring specialist or soft assets, including refurbishments, without impacting their cash flow.
By using a loan designed to support specific business growth initiatives, as opposed to a standard business loan which usually caters to broader or more generic business needs, customers can often access more competitive rates.
Unsecured Business Loan also support a wide range of investments including those that are less suitable for traditional asset finance, i.e. highly specialised equipment or soft assets.
Q: Why is Unsecured Business Loan a good option for refurbishments specifically, and what type of refurbishment projects can it suit?
A: The Unsecured Business Loan is a great product for fit-outs and refurbs as the majority of the assets are soft, or intangible so they don’t carry any value to place on traditional asset finance.
The other benefit is that we don’t require invoices or details of each supplier upfront. This is particularly beneficial for refurbishment projects where there are multiple suppliers and invoices involved. This helps keep the process quick and easy for the client and the broker.
The product supports a range of refurbishment and fit-out needs. Essentially, if a business is looking to refresh its current facilities or expand and open new commercial premises to cater for growth, a Unsecured Business Loan could be the solution they need. This includes for offices, warehouses, factories, construction sites, healthcare facilities and more.
Q: Can you give us an example of a refurbishment or fit-out requirement we have supported recently?
A: We have many examples. Recently, we assisted a well-established family-run care home group operating five residential care facilities. They wanted to expand by opening a new care home. We provided a £100k loan over a 36-month term, enabling them to proceed swiftly with their expansion plans.
Q: What other finance options are available for refurbishments and why might an Unsecured Business Loan be favoured over these?
A: Other options include soft asset finance or traditional loans. The Unsecured Business Loan stands out due to the ease of application, our competitive pricing, speed of decisions, fast and simple payout directly to the customer, and the fact that we don’t charge large arrangement fees.
Q: What should a broker do if they have a potential case for Unsecured Business Loan?
A: Existing Shawbrook broker partners can submit cases through our Broker Portal, which offers fast auto-decisions and quick payouts for Unsecured Business Loan deals. New brokers interested in working with Shawbrook can submit an enquiry form using the link below. If they have any questions about the product or a potential case, they can contact me or their Business Development Manager for assistance.
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