How quick can I get finance in place?
It can take as little as 5-10 working days to get your factoring or invoice discounting finance in place. This is how it usually works:
Day 1
You call The Factoring Advisory Service. We discuss your current situation and your needs. The same day we will then get in touch with 1 or 2 of the most appropriate funders and discuss your general requirements with them. At this stage we do all the legwork because we know the market and who best to approach. Our initial discussions will either be by phone or face to face. Once we've shortlisted them for you, we put them directly in touch with you and typically they will arrange to come to see you within 48 hours.
Day 3
Most funders make an indicative offer (indicative offer of terms) the same day that you meet. At the meeting they will expect to see management accounts, a list of aged debtors and aged creditors and some examples of your paper trail (purchase order, delivery notes and invoices) Based on this they will often be able to make an indicative offer on the day).
Day 4
If they think it's required, they will underatke a survey of your systems (books and records). This typically takes 3-4 hours. If the survey is okay, a formal offer will be made.
Day 5
Once you are in receipt of the offers you will then come back to us and we can help you choose the best one and help you with any further negotiation.
Day 6
Documents are raised and signed. You can normally expect to be paid within 3 or 4 working days of the formal offer being signed, subject to the funder verifying your ledger.
