A commercial finance company which manages more than £48m-worth of deals a year for clients nationwide has expanded.
Commercial Expert has taken on additional team members and moved to larger, modern, bespoke fitted premises at The HUB Workspace on Aycliffe Business Park due to continuing success and expansion of an already flourishing business.
It now expects to see turnover increase and is looking to take on additional staff in 2016 after a record year.
The company was founded by managing director Mike Coates in 2008 when he diversified from the residential mortgage and insurance advice career he began in 2001. Mike was originally based in Darlington, and relocated to Newton Aycliffe in 2012 to facilitate the growth of his expanding business.
Commercial Expert offers a comprehensive range of business finance to a broad spectrum of clients, each with differing financial requirements.
Services include business loans, property investment finance, and development finance, bridging finance and crowdfunding loans. The company’s expert advice has been invaluable to hundreds of satisfied clients, while Commercial Expert is proud to be directly authorised by the Financial Conduct Authority (FCA) and provides regulated commercial financial advice.
“These are exciting times for Commercial Expert, we’re very much on an upward curve,” says Mike.
“I’d like to think we’re seen as a beacon in the world of commercial finance because we’re detailed, transparent, rigorous and ethical in everything we do. We are delighted to be one of a small number of commercial finance companies in the region who are directly authorised by the FCA, we have strict guidelines and procedures to follow, which are adhered to, offering our clients confidence and complete peace of mind.”
Mike says Commercial Expert’s success to date “has been down to our sheer grit, determination and integrity as well as the wealth of knowledge and expertise offered by myself and my team.”
“Commercial finance has become notoriously difficult to obtain from banks by business owners with many feeling that the loyalty factor has disappeared,” he added.
“Despite popular opinion banks are still lending to businesses, but are much more selective and no longer service every business sector. I heard recently from a client that his bank of 30 years was no longer able to support his business needs, and he needed to find alternative funding. It’s about knowing where to go when this happens.
“There are new banks in the market place, what we call ‘challenger banks’. They’re big organisations with funds to lend, but they don’t necessarily have a high street presence. There are literally hundreds of alternative lenders out there, it’s just having the knowledge and expertise of knowing who they are, having access to their products and which of their criteria is most suitable for each client.
“For example, many banks would be reluctant to lend to the leisure industry. I know of several lenders who specialise in offering finance to the leisure industry. It’s my job to match the client with the most suitable lender.”
Mike explains how Commercial Expert takes a practical approach to different areas of finance.
“Initially it is important to us that every client’s circumstances are approached individually, we thoroughly examine their current financial situation,” he says.
“Collecting data, utilising our extensive systems in a unique way and only when we are thoroughly happy and all avenues have been explored, will we issue a tailored solution to suit the needs of each and every enquiry.
“We work closely with the client providing clear and concise information, keeping them up-to-date at every stage of the process. Not only do we produce the facility paperwork, my team ensures that the client is assisted in completing any other necessary documentation including legal paperwork. All this leads to a speedier completion, so the client receives the funds required in the quickest possible time.
“We appreciate that circumstances vary greatly from business to business and our unique approach lends itself perfectly to what we call ‘hybrid facilities’, in short, funding lines from a variety of sources which in turn offers complete flexibility of lending.
“Some clients simply need a cash flow injection, and with our extensive knowledge and access to lenders, we know exactly where to find it, and they can have it very quickly.
“As managing director, it is important to me that my work ethic and ethos are represented in the team I have around me. I am confident in the abilities of my team and their loyalty speaks volumes, in fact one of them has worked with me for over ten years.”
Pip Colley is the latest addition to the Commercial Expert team, who is heading up the personal enquiries and insurance side of the business, while Susan Driver has also been appointed office administrator.
Mike adds: “Recognising that Commercial Expert had the potential to provide additional services, and in order for the company to continue moving forward, it was important for us to expand into these previously unexplored areas. I am absolutely delighted with the new additions to the team and the rapid development of the company.
“Our overriding aim is to offer advice businesses can trust and pride ourselves on the numerous satisfied clients and lenders.”
Currently the company comprises of MD Mike Coates, company secretary Claire Coates, accounts manager Colin Coates, business advisors Daniel Brown and David Hodgson, advisory board member Mark Whitaker and sales executive Ian Baldam as well as Pip and Susan.
“We all come from different financial backgrounds and therefore have a wealth of experience to offer in all aspects of finance,” adds Mike.
“Being commercial finance advisers, the bulk of our work is commercially driven, it does however put us in touch with people who need personal finance and insurance.”
And Mike’s ambitions don’t stop there. There are plans for future growth.
“We are doing lots of business locally as well as working with businesses further afield,” he says.
“We have many loyal and satisfied clients who continue to provide us with repeat business as well as referring us onto their associates.
“Our intention is to increase our local client base through our excellent reputation and provide a level of service in the North-East that is second to none.
“We are intending to take on another member of staff to service the expected increase in enquiries in the coming months.”
Contact Commercial Expert Ltd today:
• Unit 24a, Parsons Court, Welbury Way, Aycliffe Business Park, Newton Aycliffe, DL5 6ZE.
• Call 01325 359800
• Email [email protected]
• Web: www.commercialexpert.co.uk