Time to get the house in order

Are you feeling the squeeze yet or is it business as usual? 

Perhaps you’re feeling buoyant about low rates and opportunity?

I’m a member of a business group page on facebook; another member posed the question referencing a potential slowdown, “Has anyone noticed a slowdown?” 

When I put that same question to my Linkedin audience some were doing steady numbers but one business in the transport sector was down 50% month on month. 

They’re not alone.  

For Dark Horse, our business enquires for all kinds of finance are still occurring but there’s been an uptake in enquiry and conversion on domestic trade lines of credit for business. The same is true for debtor finance, factoring and unsecured lines of credit.

I’m doing more equipment and progress claims finance to those building infrastructure than I’ve ever done and home loan clients are refinancing to take advantage of record low rates.

But…

Last week a client came back from Italy and was in lockdown in their home for three days.  I wouldn’t be surprised if we’re all working from home for a while soon.  

Another but…

I don’t have a crystal ball but big economic changes make lenders nervous and funding can be cutoff to new loans and refinances literally overnight.

Whilst I’d prefer normal trading circumstances these sorts of situations should be creating conversations about contingencies and shoring up credit options with business owners looking to ensure they have the backup they need and homeowners looking to lock in rates that now have a 2 in front of them.

Remember, it’s always easier to get credit before or at the beginning of a big economic slowdown than it is to try and get credit by the time the slowdown really hits.

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