A 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 premises at The HUB Workspace on Aycliffe Business Park. 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 Mike Coates in 2008 when he diversified from the residential mortgage and insurance advice career he began in 2001.
Mike was based in Darlington, and relocated to Aycliffe in 2012. Commercial Expert offers a comprehensive range of business finance to a broad spectrum of clients. Services include business loans, property investment finance, and development finance, bridging finance and crowdfunding loans.
“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.”
“Commercial finance has become notoriously difficult to obtain from banks by business owners with many feeling that the loyalty factor has disappeared,” he added.
“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 are reluctant to lend to the leisure industry but I know of several who specialise in offering this finance and it’s my job to match the client with the most suitable lender.”
“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.
“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.
“I am absolutely delighted with the new additions to the team and the rapid development of the company.”
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. Mike’s ambitions don’t stop there with plans for future growth.
“Our intention is to increase our local client base through our excellent reputation and provide a level of service in the North-East. “We are intending to take on another member of staff to service the expected increase in enquiries in the coming months.” he says.
(left-to-right): Pip Colley, Colin Coates, Mike Coates, Daniel Brown and David Hodgson.
