The latest nominee that we chat to is Together. We recently spoke to Mark Finucane, Regional Development Director at Together about what they have been up to this past year and what they have planned for the upcoming months. Together offer a range of mortgage and secured loan products to all sorts of businesses and people.
Together has been nominated for Secured and Bridging Loan Lender of the Year.
How has Together been helping SMEs over the past year?
Together is a specialist lender with an overall loan book of £4bn. We have continued to support well-managed UK businesses across all sectors with their property acquisitions and/or cash flow requirements by providing finance such as bridging loans, development facilities, buy-to-let and commercial mortgages. For clients who have been adversely affected by consecutive lockdowns, we have been able to offer them flexible payment options allowing valued clients time to re-open their businesses, help them get back on their feet, and make sure they are well positioned to thrive once lockdown restrictions are fully lifted.
Has Together made any changes to their lending to accommodate the difficulties faced by SMEs?
Together evaluates each case on its own individual merits. We were alive to the fact that a lot of clients have changed their business model to allow for the impact of the pandemic. We were flexible enough to accommodate these changes into our decision making process which has enabled us to continue to lend strongly throughout the pandemic.
What makes Together unique as a lender?
We have a flexible common-sense approach to lending, looking at the client as well as the proposition, evaluating their background and really getting to know their circumstances. Our income criteria is flexible and we try to make a deal fit rather than having a ‘computer says no’ mentality. We celebrate the UK’s entrepreneurial spirit and have been helping businesses to achieve their ambitions for 46 years. We understand that business isn’t always predictable and understand the pressures our clients face and, by using this more personal approach, are often able to lend in circumstances when other finance providers may struggle, whether that’s because the client has a complex income structure or a short trading history, for example, or is looking to purchase, or raise capital against, property such as semi-commercial, which may pose issues for other lenders.
Do you have any advice for SMEs who are hesitant to take out funding?
Well-managed businesses are more resilient to difficult economic climates, so keep on top of your cash flow, and assess the risks in your supply chain. Make sure that you maintain and nurture the relationships you already have with suppliers and clients and build new partnerships. Support your employees as well as taking care of your own wellbeing and be open to change and innovation.
What can we expect to see from Together Money now that CBILS has come to a close?
Together did not enter the CIBILS market during 2020, as this was outside of our core lending activities. However there is now an opportunity for Together to provide support for the SME sector by providing more traditional long and short term commercial finance. The mainstream banking and finance sector will be focussed on dealing with the existing level of CIBILS provided over the last 12 months and the resultant performance and management of these loans but there will be many businesses we as a specialist lender will be able to support in the absence of more traditional banking options.
Stay tuned for the announcement of the winners on the 26th May. Check out the full list of nominees and much more here.
