The best week of the year in terms of new business, with a couple of deals coming to a satisfactory conclusion, after what feels like an eternity, and a couple of new leads to progress. All this happened on Wednesday during an extraordinarily good day at Edgbaston.
Concluding a couple of deals in the same day is a rarity for a brokerage such as Factoring Partners as we are not a volume business but one which takes a considered and meticulous approach to all enquiries advising potential users of invoice finance.
Advice is of paramount importance to any business and advice received should be independent. Too many advisers have a vested interest caused by their ownership and whilst this is entirely understandable it must be disclosed.
A lot of brokers in the invoice finance world are owned by insolvency and/or professional practices and introductions are guided by reciprocation opportunities not by a consideration of the entire market. This means a business, looking for a facility, will not be offered an entire market appraisal but will simply be passed across to a funder with whom the brokers parent business either has an existing or potential reciprocal referral relationship.
Factoring Partners is entirely independent with no ties to insolvency or professional practices so consequently can offer a genuine entire market appraisal. Not many brokers can say this.
Over the years business has been written with just short of 40 different financiers, giving real insight into the workings of the funding community. This unique feedback can be passed on to clients.
As we enter August and a traditionally quiet month it’s expected that something approaching a quarter of the workforce will be off work. This includes the offices of Factoring Partners, but calls and emails will still be answered.