It was fantastic to see so many of our introducers at the inaugural Finance Professional Show on Wednesday. It felt very important to be seen at the show and to remind everyone of our growth and proposition.
The number of p2p platforms attending these events is steadily increasing and the ratio versus other finance providers is narrowing all the time.
What was most pleasing is the shift in attitude towards the sector. Last November when we exhibited at the Mortgage Business Expo, the conversation typically started with “I’ll consider you if I don’t get anywhere with the bank”. Now we’re being asked “how are you different to your competitors?”
Several times a broker less familiar with us or the sector slipped into the lender of last resort mode. A good set of questions to ask is;
- How long does it take to get a loan for your client through a bank or local enterprise fund?
- What are the early repayment charges?
- What happens if the loan gets called in early?
In every case the broker was surprised to know our average loan auction period is 2 weeks, we have no ERCs and can’t call a loan in early.
We were positioned opposite the Natwest stand. Although they were thoroughly affable and looking to refer business to other providers where they can’t help, they did leave at about lunchtime, which gave rise to some inevitable jokes about the bank’s commitment to the commercial lending market!
See you next year!
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