Kevin Flowerday: Our first year of Professional Lending

The level of proposals seen, loans provided and products available via our broker partners have increased every month to a point where we’re providing an invaluable level of support to them.

July was an incredibly busy month for the professional lending department, providing high levels of Tax finance to professional partnerships requiring some financial assistance to meet their payment on account obligations to HMRC. As you may have seen from our case studies, there are so many different types of professional practises that require these services. Cash remains king in a market where debtor days and WIP are a constant drain on firm’s bank balance.

The government’s continued austerity is never out of the headlines within the legal sector; Legal Aid reform is almost here, the government’s court closure plan has highlighted 91 potential closures and fixed cost litigations seem to be the next area for review. The justice minister, Lord Faulks, will definitely have a lot on his plate during the next few years, and generating any form of support within the legal sector will continue to be as challenging as it was following the Jackson civil litigation reform.

Our focus in the first year has been around the paper professions market (Solicitors, Accountants and Architects) but we’ve also approved many deals for a wide range of firms in the medical sector. Many of these markets have similar demands for funding; be that for refurbishing consulting rooms, tax obligations, new asset purchases or partner movements. As we continue to support our existing and new brokers specialising in the medical sector, we will be providing new lines of credit and great customer services to those introducers and firms looking to fund the next stage in their development.