First Business Securities Ltd was set up in June 2009 by David Jordan. The company is split into two divisions, one is a brokerage and the other is a finance company that sources funds through a block discounting loan with Conister. It typically funds lease values between £2,500 and £50,000.

Challenge

Type of product: Block discounting

First Business Securities Ltd was set up in June 2009 by David Jordan, who has over 25 years’ experience in the Asset Finance industry.

A response to turbulent times

The company was born out of the frustrations David was encountering as a broker in a very turbulent economic climate.

An appetite for growth

With money hard to come by and with broker funding lines declining rapidly, David believed in his sources of business and decided that it was time to set up a funder that was hungry and eager to grow.

Attracting a core team of investors, First Business Securities Ltd went to work

Solution

First Business Securities Ltd chose to work with us after being introduced by a mutual software company.

Onboarding with Conister

The onboarding process for First Business Securities was relatively smooth. We visited them to conduct a thorough internal audit which, rather than feeling intrusive, gave them confidence in our professionalism. The journey was straightforward, and we delivered in a timely manner, communicating our progress at all times.

Why Conister?

First Business Securities like dealing with us because they get a quick response and we always deliver what is promised.

We don’t say, ‘I’ll come back to you’ or ignore emails. Quite often our directors make the decision and give them a ‘yes’ or ‘no’. If it’s a yes, we say this is what we can do, and this is how we are going to do it, and this is how much it will cost. If for any reason the answer is no, we give a sound reason and guidance.

Bespoke guidance

We are upfront and say it as it is, which is seen as refreshing in this industry. Dealing with us is very simple as clients like David and his team don’t have to read between the lines. 

They know that if they ask us a question, the response will be concise and bespoke to their business, as more often than not they are dealing with a decision-maker here.

Regular communications for added reassurance

We really stood out for First Business Securities throughout the COVID-19 pandemic.

They have facilities with several funders, including Conister. When the pandemic struck at the end of March, they put a proposal together asking each funder for forbearance and a change in their terms and conditions. We were the first to come back to them with an answer and regularly kept in touch to ensure that they had the correct support they needed.

“It was a very stressful time and I only wish that all of our other funders could have been so accommodating.”
Jo Dyer, Portfolio Manager, First Business Securities

Minimised risk

First Business Securities have full confidence in the Conister team and our abilities. Compared to other block discounting funders, we regularly ask them for a lot of information.

They comply as they appreciate that we are a responsible lender and minimising risk is a high priority.

Website: https://firstbusinesssecurities.co.uk