Since ThinCats started in 2010, we have grown to be Europe’s largest peer to peer secured business lender. Our aim is to help UK SMEs meet their funding needs by linking them with our lenders, who are looking for good returns on their investments whilst at the same time supporting UK businesses.
Business borrowing without the bank
Here at ThinCats we go beyond the standard credit checks and check boxes that grant or deny a loan. We offer a much more hands on approach through our network of loan Sponsors. These Sponsors are financial service professionals with proven experience in the SME market, debt structuring, financial analysis and financial report writing.
The Sponsor will work closely with you and will help put your proposal together. They will come and visit you, assess your business and discuss what we can do for you. This may sound like an old school approach, but we believe a human touch is essential in an increasingly digital world. Our loans are all flexible, and can be adapted to suit your needs.
Starting the process is as simple as filling in a form. All we need to know are a few basic details about your business and loan purpose, and a ThinCats representative will get back to you within one working day. If suitable we will put you in contact with a Sponsor and we will take it from there. Do not hesitate, cut the red tape and get in touch today.
Flexible terms to suit your needs
|Size||£100k – £5m|
|Security||Is a requirement but can be tailored to each proposal|
|Term||From a few months to a maximum of 5 years|
|Flexible repayments||The majority of repayment structures are considered for example:- interest only; ad-hoc repayments; partial amortising and bullet repayments|
|Trading history||Evidence of 2 years trading will be needed that shows affordability|
Why borrow through ThinCats?
- Working with our accredited professional Sponsors, provides SMEs access to unrivalled business advisors capable of putting together complex business cases
- We undertake preliminary assessments ready to ensure a smooth and speedy listing on the ThinCats Platform
- Remove the lengthy delays often seen when dealing with Banks
- We work with borrowers from all over the UK, location is not a problem
- Reduce complicated and unnecessary covenants and conditions
- From receipt of the Information Pack to drawing the funds is down to a matter of days and not months
- All fees and costs are totally transparent – there are no nasty surprises
- We support businesses in all industry sectors, from property to finance to health care
Frequently Asked Questions
You will find below a selection of our most popular borrower queries. For more detail visit our dedicated Borrower FAQ page.
Who can apply for a loan?
We provide loans ranging from £100k-£5m to established businesses with at least 2 years of trading history. The borrower must be based in the UK and be willing to provide security, personal guarantees may also be required to secure funding.
Those looking to raise community loans do not need to provide security and should directly get in touch with our Sponsor Community Chest.
What fees do you charge?
There are a few fees attributed to arranging a loan through us, these are:
– £1,000 (plus VAT) listing fee
– 1.5% (plus VAT) of the value of the loan on drawdown
– 0.5% p.a. to cover administration fees (charged monthly on the outstanding loan balance)
Please note that any valuation or security charges will be at the borrowers expense.
Our Sponsors also charge a fee which varies depending on the Sponsor and the loan itself. See the FAQ below.
Who are Sponsors?
Sponsors are a primary point of contact for potential borrowers. They are financial services professionals, in teams that include at least one person with banking experience. Find out more about Sponsors.
What is the Sponsor’s role?
They assess the business proposals and vet applications for loans. They help the borrower to prepare the loan information. That includes meeting with the borrower and getting to know their business, team, structure the proposal, as well as assessing the security on offer. They answer questions from lenders during the auction.
Do Sponsors charge fees?
Our Sponsors also charge a fee which varies depending on which Sponsor and the loan itself. Typically their fees range from 2-4% on drawdown and 0.5% p.a. to cover monitoring fees, if they are to monitor the loan after drawdown instead of ThinCats (charged monthly on the outstanding loan balance).
What Security does ThinCats accept?
For a limited company, the minimum security expected is a mortgage debenture. A debenture creates fixed and floating charges over the present and future assets of the borrowing company. Additional security may be taken in the form of a specific charge over assets such as freehold and leasehold property, a chattels mortgage may also be provided in respect of specific items of plant and machinery.
The debenture is legally binding and is registered at Companies House, as is a chattels mortgage and certain specific charges. Where appropriate specific charges are also registered at the Land Registry.
Where a company is part of a group, we will also take cross guarantees from the associated companies, often supported by a debenture over the guaranteeing company.
In addition, we usually take personal guarantees from the directors of the company. The security taken for each loan is bespoke and appropriate to the nature of the business and is set out in the information pack.
Please note that should any legal charges or guarantees be taken we reserve the right to insist on independent legal advice being given to the individuals pledging the security.