Finance, Mortgages & Remortgages

A new five year fixed rate with a £1,499 fee, available from 5.88% for house purchasers and 5.68% for re-mortgage, further advance and existing customers wishing to switch to a new deal.

For large mortgage loan borrowers with an LTV of up to 60% Nationwide will increase maximum borrowing from £500,000 to £1 million on all products except those with a reservation fee of £1,499, where the limit will remain at £500,000.

Factoring means selling your sales invoice to a factor who will then be responsible for collecting payment of the invoice from your client.

You will receive up to 95% of the face value of the invoice immediately and your factoring company will assume full responsibility for the sales ledger.

If your factoring facility is a recourse facility, there is no bad debt provision. If the invoice isn’t paid, your factoring partner can reclaim the balance from you, after a defined period. If the facility is non-recourse in nature, the factoring partner shoulders the bad debt and cannot reclaim payment from you.

Invoice Factoring is one of the fastest ways of resolving cash flow problems or ensuring your business has continuous and adequate working capital.

UK Businesses are braced for a real rough ride of cash flow problems and potential business recovery activity

It’s now acutely apparent that the credit crunch has imposed some really tough challenges on UK Business. Banks being even more cautious than ever before, overdrafts are less are easy to extend or indeed obtain and the long term relationship you had with your bank manager doesn’t seem to add much weight anymore.  Consumers are now thinking twice before they buy and Creditors are looking for faster payment while Debtors want extended payment terms which are now starting to create the classic cash flow squeeze.

R3 is also concerned at the number of corporate insolvencies have increased, with the total amount of receiverships, administrations and CVAs (Company Voluntary Arrangements) dramatically increasing since the same time one year ago.

“This huge rise in corporate insolvencies is confirmed by the number of people our members are seeing coming through their door. In fact, in a recent survey, 90% of Insolvency Practitioners thought that the number of corporate insolvencies would jump in 12 months time, indicating that the worse is still to come. Construction, retail and leisure are especially vulnerable sectors.”

With this in mind Enable Finance has specifically formed a team of business recovery professionals to sit alongside its corporate finance department.

Feedback from the corporate finance team say that cash flow is one of the biggest concerns raised by UK business and invoice factoring is now one of the most popular asked for business finance solution asked for by their clients.