Need Solutions, not Excuses?
Today we were on a building site with a client, and dealing with two separate builders.
To give you a bit of context, it was a difficult project with a lot of structural complexities. The first builder with whom we spoke was passionate and had ideas and solutions for every problem.
The second one had a problem for every solution. His main “excuse” was that Christmas is almost here, and so he could not get tradesmen or suppliers in time.
The builder with the solutions simply said that he could do it, but that he would need to use different suppliers.
Private Business Lending is the same
In the short-term business lending industry, things are no different. On the one hand, you have a lender like HomeSec that has been operating for 17 years, and has seen it all. We genuinely provide real funding solutions for businesses all across Australia.
With our decades of experience, we know where and when we can ‘push the envelope’ beyond our usual lending limits.
So for example, if you need to go a little bit higher on the LVR (loan to value ratio), then we can be flexible in certain circumstances.
For us, it comes down to lending with common sense, as opposed to adhering to a rigid set of criteria. Lending off our own balance sheet helps with this flexibility as we make the decision. They aren’t made for us by a major lending institution that is supplying the funds to us. We have kept the PRIVATE in Private Business Loans. Plus don’t forget that we don’t do valuations, which also helps us go a bit further with risk.
Sadly, we all know a lot of private lenders who are the complete opposite to HomeSec. After they have charged you a massive upfront fee (sometimes in the 10’s of thousands of dollars), they manage to find more and more problems as the process progresses. You thought it was a loan that would sail through to settlement, but after you paid the upfront fee, out came the excuses.
The common modus operandi is they will not find any problems with the deal when they do the offer. They will only find the problems once they have taken money from the client. At HomeSec, we only charge an Acceptance fee in the order of hundreds of dollars, not thousands of dollars. Then we find the solutions and get the client funded in 24 hours.
Valuations = Slowness and Huge Costs
One of the biggest problems in our industry at the moment is the delay in getting valuations on time. Some clients have reported being told it would be a minimum of three weeks just to get a valuation. Others have waited 5 weeks with other lenders, only to be told NO.
In the business of short-term business lending, time is money and opportunity does not wait. This is especially true in our high-tech world, where business is only getting faster. Some of our clients only borrow the money for two weeks. So why would they wait 3 plus weeks to get it??
The crazy thing is – a valuation takes four weeks to get done for other lenders, meanwhile, some of our clients who got the money from HomeSec 4 weeks ago are already ready to pay us back.
Funds in 24 hours
So if your client needs business funding by tomorrow, and doesn’t have time for the hassles, games and massive upfront fees, the choice is clear. HomeSec is the trusted, safe and reliable answer.