Asset Advantage has introduced electronic signatures for SME funding deals of up to £100,000, removing the need for wet signatures on finance agreements and a range of supporting documents.
The lender said the change applies to business loans and asset finance transactions where the total payout does not exceed £100,000.
It said the move is intended to make the funding process more efficient for brokers and their SME clients, while helping deals complete more quickly.
The update forms part of a wider investment programme at the business, following the appointment of two additional staff in key internal departments, further spending on systems and processes, and the launch of new finance products.
Asset Advantage has been operating in the business finance market for nearly two decades, offering asset finance and business loans from £75,000 to £500,000.
The lender said funding is commonly used for expansion, business acquisitions, start-ups and management buy-outs and buy-ins, with support available across a broad range of sectors and asset types where debt serviceability and risk profiles are strong.
Gary Thompson (pictured), sales director at Asset Advantage, says: “Introducing e-signatures is a direct response to feedback from our brokers and reflects our commitment to making business finance faster and more efficient for all parties.
“By focusing initially on facilities up to £100k, we’re enabling faster completion of deals in a measured and methodical way – facilitating speedier transactions in a critical segment of the market, while maintaining our renowned human touch with high quality underwriting and, when required, direct interaction with the end user.”
Thompson adds that the move was one of several changes being made to improve the firm’s proposition for brokers.
He says: “This is one of a number of improvements we are making to strengthen our proposition and improve the broker experience.
“Driving efficiencies in application only bolsters our longstanding approach to flexible and pragmatic funding, helping commercial brokers deliver on non-standard, growth-focused transactions.”
