AVOID THESE PRIVATE LENDING TRAPS
Some Important Things That Set Us Apart
Have you ever entered into a deal where it looked SO good, but after you signed up for it, you discovered that it wasn’t the deal of the century like you thought?
Getting business finance is often exactly the same.
A lot of business lenders will lure clients in with a cheap
interest rate, but there is so much more to a loan than just the interest rate.
The interest rate is just one small part. What about monthly fees that you weren’t told about in the glossy online ads?
What about the massive upfront fees of thousands of dollars that you have to physically pay after you first apply, just to get your loan assessed?
All of a sudden, your other “cheap” business loan is not looking that cheap anymore, is it?
Then there is Customer Service. If you want to be
treated with respect, listened to, and kept up to date with your loan application at all times, and enjoy good ongoing service after your business loan is funded, then you are definitely in the right place.
Make sure your business loans has flexibility
What about flexibility? Does the elcheapo loan allow you to extend the loan beyond the payout date if you need more time?
If they do, can you extend without any penalties? What if you want to pay out early? Can you do that without any penalties?
Often with most other business lenders, the answer will be NO.
Then there is the speed. The business bridging loans, caveat loans and 2nd mortgages with the phoney cheap interest rates often take 1 – 2 weeks to settle, as these lenders will want you to pay thousands of dollars up front so they can do a full valuation on YOUR
property.
If you need the money by the next business day, what use is that to you? Plus, there is no guarantee the
property valuation will come back favourable, so you may waste 2 weeks and thousands of dollars for nothing.
So beware of the little hidden traps that exist out there.
