MONEY may – as Liza Minelli’s Cabaret character Sally Bowles declared – make the world go round, but sourcing funds is not always easy.
Indeed, whether you are an individual hoping to fund a once-in-a-lifetime holiday or home-renovation project, or a business owner seeking development finance, as interest rates rise and lenders try to protect their investments, finding that all-important capital can be increasingly challenging.
But while some of the more traditional finance companies may decline certain applications, the founders of TLC say that their personal and flexible approach can often result in success.
‘A lot of the more mainstream lenders tend to input a client’s details into a computer and the application is judged against the organisation’s criteria,’ explained TLC director Steve Moore. ‘While our clients may sit outside the main banks’ leading criteria, we will spend time getting to know them and, while affordability and credit history are still key factors in any decision, we will judge them based on their character and circumstances.
‘For example, you may have someone with a property worth more than £1m and a significant pension pot and yet they are struggling to borrow £100,000 to fund some home improvements because all of their equity is tied up in property. That doesn’t mean that they won’t be able to afford the repayments though and so, in that case, we would consider other options to support their ambition.
‘Similarly a lot of banks will turn down interest-only loans where, perhaps, someone has a property on the market and needs £50,000 to cover the period before it goes through court. This is another area where we can provide support.’
While many of the loans agreed are bridging and development – with values ranging from £100,000 up to several million – the company is also ‘unusual’, says Mr Moore, in offering a wide range of finance options.
‘One of the things that make us unique is that we don’t specialise in a particular area,’ he said. ‘A lot of companies offer just personal loans or just development finance whereas we do everything from £500 for a new bike to several million for a property developer.’
Founded by Mr Moore and David Tupper in 2014, TLC has expanded over the years and now comprises a team of eight who, between them, have nearly 200 years’ experience in the market.
And that knowledge, says Mr Tupper, underpins the firm’s approach.
‘Because of our experience and network, we have access to several different funding avenues and know how to structure loans creatively,’ he said. ‘As well as having our own funds, we have a lot of private money and work with individuals who are keen to invest in various projects. With so many avenues available, if you want to get somewhere, we will do everything we can to get you there in a way that you can afford.’
As the cost of living has increased significantly in recent months, the question of affordability is more relevant than ever.
‘With everything from interest rates to tins of baked beans going up, people have less and less money in their pocket,’ said Mr Moore. ‘This can lead to an increased demand for loans but any request has to be based on affordability. One way we can help people who are struggling financially is with a debt consolidation loan. We can clear all of their credit cards, for example, and create one loan with a set monthly repayment, which often saves them money overall.
‘People may think of loans as a way of getting into financial trouble but in a lot of cases we can help people to get out of debt.’
And not only does the team provide the financial solutions but they also offer the TLC that the company’s initials represent.
‘We know that applying for a loan can be daunting, so we want to take the pressure off people by providing relaxed environment, where you can enjoy a cup of tea or coffee and a friendly conversation,’ said Mr Moore. ‘Our goal is to make the application process as easy as possible and to find solutions that suit every individual.’
Loan services offered by TLC
- Home Improvements
- Development Finance
- Vehicle, Marine & Equipment (Hire Purchase)
- Debt consolidation