Brightstar has revealed that it completed over £1 million worth of unsecured business loans in the past three weeks.
It is seeing continued strong growth of enquiries in this specialist sector and as a result has expanded its panel of lenders.
The firm formally launched into the non-property lending sector in August and unsecured business finance has formed a key part of that offering.
Available for sole traders, partnerships and limited companies, Brightstar has seen an increasing number of businesses use the loans for business expansion, to invest in stock or help with cashflow problems. December and January are key times for unsecured loans as business owners use them either to invest in Christmas stock or to help pay tax bills due at the end of January.
As a result, Brightstar has increased the number of lenders it works with, broadening the range of unsecured business loans it can offer, with interest rates from 5% and no early repayment charges. Loans are available from six months to five years, with a loan decision that can be reached in two working days and the funds available from five working days.
The business said that success of these loans can be seen in a 70% return rate, as 70% of borrowers who have taken out an unsecured business loan and successfully paid it off then return for another one as they benefit from the advantages it brings.
Robert Collins (pictured), Brightstar’s director of commercial and development loans, said: “This is one of the busiest times of the year for unsecured business loans. Both borrowers and brokers are becoming switched on to the real value an unsecured loan can add to a business.
“Sometimes it is to pay a bill, but more often they are used as a flexible form of finance which can help a business owner to take advantage of opportunities. Some of those opportunities are seasonal, others can be offers or even take over deals.
“One law firm we deal with has expanded their whole business on the back of unsecured business loans by taking advantage of the quick turnaround times to gain funds versus the long lead-in time for the legal fees to be paid on complicated cases.”