What needs to happen next?
As you can see, talking to us can
only be to your advantage. An outline of what happens
next follows below.
- You need to find out whether we have accredited
the franchise network you plan to join. This is
a simple process –
- We need confirmation from your franchisor that
your application for a franchise is approved in
principle, subject to you being able to raise finance.
- The loan originator assigned to your brand will
explain the terms of the Letter of Engagement you
need to sign. This letter appoints Franchise Finance
as your representative in negotiations with banks.
- On receipt of the loan offers from the various
banks, the loan originator will analyse them carefully
and explain their respective merits and demerits
to you. However, choosing the bank you want to do
business with remains your prerogative.
- Should you have built up a relationship with
one of the banks and would prefer to deal with them,
that’s OK, too. They will receive your application
just like the other participating banks but this
time round, they will have to earn your business.
Honestly now, doesn’t this make a nice change
from the traditional approach, where the borrower
expects to have to grovel?
You are about to enter the exciting
world of business as a franchisee, possibly for the
first time. You will have to undergo training and take
care of a myriad of other things. Raising finance for
a new business venture is never easy but the model we
at Franchise Finance have developed puts you in the
driver’s seat. Given the pressures you are under,
wouldn’t it make sense to leave the hassle of
securing finance at the best possible terms to us?
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