FREQUENTLY ASKED QUESTIONS

We have listed answers to questions we commonly get asked. If you don’t find the answers you are looking for here, or in our video, please don’t hesitate to get in touch.

Why would borrowers want to use a Business Finance Consultant?

You can offer funding solutions, when the borrower’s bank says ‘No’. Our Lender Data Base contains Lenders who specialise in funding solutions when the borrower has difficulty finding money, because his creditworthiness might be less than perfect.

You will have access to 200+ Lending sources – In today’s fragmented market, the borrower is often unable to source funding himself.  This is because they don’t have the contacts or knowledge of the industry to know where to look and who to talk to.  You will be in the perfect position to help.

Personal Service and advice. Borrowers are good at their own business, they do not follow daily which Lender or Institution is offering the best rates & terms.

You will know who the right lender is for each client, and will be able to build the correct business case and application to ensure that they get the best possible funding deal.

Who pays me if Burlings does not share any of the income?

The Lenders will pay you direct, as and when the loan arrangements are complete. During the Induction Training, we will explain how the payment process works. The important thing is that you keep all of the Fees and Commissions that you earn.

If we do not pay or share any of the commissions and fees we earn, how does Burlings get compensated, apart from the initially joining Fee?

We have relationships with many Lenders and will benefit from the overall additional business generated by the new consultants. Our income however will never affect the amount of money you can earn in fees.

How many Consultants have Burlings trained to-date?

At the moment there are less than 50 people who have been trained by Burlings, including a few outside the UK. The timing however is right to expand the number of business finance consultants, as the market has become more fragmented than ever since the banking crisis. As the banks have laid off many people in the SME sector, there is a gap and a shortage of qualified people in the industry to satisfy the requirement. While there are many new lenders, they do not have multiple branches for people to visit and discuss their needs. Obtaining finance for a company is a sensitive subject, hence they need professional trained intermediaries to guide them through the maze of lending options.

What is the exact funding process for a Project?

We will cover this subject in detail during the induction training and give you exclusive access to our library of documents, forms and templates. It is important to realise that knowing the ropes of how the commercial funding process works is half the battle. At the end of your Induction you will be fully-equipped to write finance deals directly with lenders. It is important to highlight that business loans and finance, including commercial mortgages, are totally different from a personal loan or domestic mortgages.

Do Business Finance Consultants need a license?

At the moment there is no requirement to get a license to start your business. however the FCA has been experimenting with various schemes under the Consumer Credit Licence Act. As far as as we are aware they are consulting the industry as a whole. We cannot predict if there will be more or less regulation or if the system will stay as it is. During the Induction Training we will cover this point in detail so you are aware of the latest rules and regulations. In any case there will always be less regulation in the commercial finance sector.

Where and when will the Induction Training take place, and how long will it take?

The Induction takes place at different venues in the Thames Valley area. We use different venues to facilitate the key training team members. The initial Induction takes two full days – from 8.30 am till 5.30pm on Day 1 and from 8.30 am until 5.00pm on Day 2.

How do I obtain access to the Lender Data Base and other key reference material?

You will be issued with a unique Login providing access to the the database and other information on the Burlings portal. You will be issued with these details during your induction training.

Is there any further training or meetings after the initial Induction?

After 6-8 weeks we offer a refresher day, where you can bring your questions and comments about what you have learned. We have found this is the best way, as it allows you to get some experience and a few deals under your belt. You then can also share experiences with other consultants, and you will start to learn from each other. Also, some lenders will occasionally host open house or intermediary days. If we are asked to invite a number of consultants, we will let you know how you can register to attend. These occasions can be very helpful in order to learn what is important to them as a lender, how they operate, plus it’s a great opportunity to build relationships.

How long will it take for me to get my first income?

Unfortunately this is not a question we can answer as there are simply too many variables. A simple finance deal can be completed in a couple of weeks, but it is not possible to predict what type of project you will encounter first. Our job is to concentrate on making sure that you are fully equipped with all the tools necessary to go out and take on funding requests. You will be surprised that when you announce to friends and family that you will become a Business Finance Consultant, requests for funding often come out of the woodwork. There are business people large and small who need to find a loan or funding for their business, including buy-to-let owners who might live in your neighbourhood. Therefore this business is ideal for word of mouth advertising, as well as online and social media.

Besides Property finance, what other finance options are available?

There are a wide range of Finance solutions available for business. A more detailed answer is given elsewhere on this website. There are essentially 8 different income streams for every Business Finance Consultant to benefit from. These include working capital for a Business to grow, or asset finance to purchase machinery, equipment or vehicles, finance for property acquisition and development, as well as funding for expansion or buying out a competitor.

Can a Business Finance Consultant also arrange regular mortgages for domestic needs?

No. Business Finance follows different rules than those for domestic mortgages. The Financial Conduct Authority (FCA) has put down many more rules and regulations to follow for domestic mortgages, which makes it a highly regulated industry. Just think of the criteria regarding the requirement for age and income, plus percentage of lending (LTV). The government via the FCA wants to make sure that individual people are not taken advantage of when deciding to purchase a home or renew their mortgage. The Commercial Finance industry in comparison is less regulated, as the law assumes companies and their advisers can look after themselves, and know what decisions are best for them.

Mr BrownFrequently Asked Questions