27 February, 2014
EZBOB, the short term commercial lender, currently working with brokers through commercial specialist, Liquidity Central, is set to become a patron of the NACFB.
The company, which provides unsecured bridging loans for any business purpose, has recently been appointed as an EU financial intermediary which gives it more gearing in addition to the equity stake held by the UK government’s Angel Co-Fund.
EZBOB is planning to extend its lending in the UK to between £250m and £500m over the next few years.
With its current unsecured lending facility of up to £50000 over a 12 months maximum term for any business purpose and proven ability to have cleared funds in a client’s account within hours, EZBOB is offering brokers a vision of how commercial lending could be revolutionised.
Co-founder and director Sharone Perlstein said the NACFB is a natural partner for EZBOB and its intention to source the majority of its loans through the broker sector.
He said “We are delighted to be partnering the NACFB in what I am sure will be a fruitful relationship with its broker members.
“Our proposition is a very simple one in that we lend to SME’s based on secure internet access to a client’s HMRC and business banking data in real time.
“We can make a decision and have cleared funds in a client’s account within hours. Having the support of the NACFB and its members will be a crucial step forward for our lending ambitions in the UK.
“By using our online system a broker can find out if his client is qualified to receive funding by spending no more than 10 minutes on the application.
“Brokers can see EZBOB’s facility as a bridge allowing for ample time to secure longer term financing from traditional sources.”
Adam Tyler, chief executive of the NACFB, said: “EZBOB brings an unsecured bridging facility to the market which I think our members will find particularly useful.
“We like to see a new approach to the market and EZBOB’s system offers an application process that takes only minutes and does not require any paperwork gathering.
“EZBOB is harnessing internet technology to help revolutionise the underwriting process. A feature, which I feel will be welcomed by our members and their customers.”