Paragon Bank SME Lending Sales Director Stewart Good explains how a strong relationship and trust led to the bank releasing funds for asset purchase within 36 hours from proposal.

At the core of any successful partnership between a broker and a lender is a simple five-letter word - trust.

A broker needs to trust that a lender will deliver a funding package that meets a client’s needs. Equally, a lender needs to trust that they have been supplied with all the necessary information to draw up a proposal.

A recent deal we undertook brought this to life.

Committed to learning

Committed to learning from brokers about how we can support them, we were meeting with a trusted partner in our Southampton office.

During our discussion, we were presented with a high-quality proposal for a significant value and multiple assets – but it came with a challenge; it was Wednesday afternoon and the client required the funds by Friday.

Thanks to the exceptional quality of the submission, and the trust we had built with the broker, we set to work.

Experienced team

Drawing on the expertise and knowledge of our in-house team, we were able to successfully understand the proposal, evaluate the assets, receive credit approval, and execute the contracts using our digital platform, allowing us to release the funds within 36 hours.

‘Trust’ had allowed both sides of the partnership to get the funds to the client quickly and efficiently. The quality of the submission from our Broker partner allowed the opportunity to be quickly evaluated and approved within two hours, ensuring that both parties were able to generate the appropriate documentation and present to the customer for consideration and acceptance.

Since starting with Paragon earlier this summer, I have seen how the team is dedicated to the continual improvement of our services and the depth of the support we can provide to clients.

I look forward to learning from brokers and SMEs so that we collectively continue to deliver superb results for customers.

Visit our Asset Finance webpage to learn more about how we work with intermediaries.