If you’re getting loan quotes on business funding, beware the traps
We all love a good deal, but from our decades of
experience in the industry, it can be a minefield out there. So if you’re out getting a few quotes on business bridging loans or 2nd mortgage loans, here are a few helpful tips…
1. Firstly, make sure the business loan you are going for is right for you. Make sure the loan term is right, and the speed in which it can be funded matches your needs. After all, if you need the money by tomorrow, it’s no use applying for a business loan that will take 2 weeks or 2 months to settle.
2. Secondly, make sure the commercial lender you are thinking of choosing offers lots of flexibility. We all know that things can change with a moments notice, so don’t lock into some rigid agreement where you will get
penalised if you repay early, or if you need more time.
More Great Tips &
Questions to Ask
3. Check the credentials of the finance company you are thinking of dealing with. Does their website tell you who owns the company and who runs it? Do they publish their physical office address, and not just a PO Box, or worse still… no address at all?
4. Ask the “lender” if they are the actual lender, and if they are lending their own money.
5. The final, and probably most important piece of advice for people who have had trouble being approved
elsewhere… If every other business lender is saying No, and a lender is all of a sudden saying Yes and they want thousands of dollars up front before they will proceed…. Run!!
These are what we call the Yes men, who say yes to
everything, take thousand of dollars up front, and fund virtually nothing.
At HomeSec Business Finance, we will give you a straight Yes or No, and we don’t charge 1000s of dollars upfront for the privilege. We are super proud of our
impeccable reputation for service and integrity. It’s why we are one of the most trusted private business lenders in Australia.