Business & Commercial Loans
Need a business loan – talk to us for quick and reliable options !
– Need a business loan for expansion, renovation or adding another facility/branch.
– Need more assets, equipment or machinery to grow the business.
We offer complete assistance with documentation for business loans to expedite the process and save your time. Please note some of the pre-requisites for a business / commercial loa.
Business Mortgage Loan
This option is suitable to those who want to use their existing property with very less liabilities (like a large mortgage to pay) as security for loan. The loan provider may or may not agree to the accept the property as a suitable security. A Business loan provider usually offers low interest rates if the type of property used as a security for loan is residential. .
Variable Business Loans
Variable business loans are most preferred due to the flexible repayment options and benefit of availing reduced interest rates generally available with changes in the market. The only difficulty is uncertainty with the changes in interest rates and extra repayment in case the interest rates rise.
Fortunately, the interest rates have generally decreased in the last decade but this option makes it difficult to ascertain the future repayment costs. You need to check the different options from various business loan providers such as additional payments with/ without penalty, redraw facility on the variable loans, interest only options etc. A redraw facility is generally offered by most of the lenders as it helps the businesses to access funds available against the repayments made for the loan, better than applying for another loan/credit.
Fixed Business Loans
This type of business loan has a fixed amount of repayments against a fixed interest rate for the entire life of the loan. This helps in a better planning of short and long term expenses of your business. Some people do not prefer this option as the interest rates are slightly higher than the usual business loan interest rates in the market. However, some businesses prefer fixed business loans as some lenders allow them to make a set amount of additional repayments per year helping them to pay off the loan quickly and save on interest. .
Pre-requisites
There are many types of business loans, but none of them is like a short term benefit (line of credit or an overdraft amount) offered usually by banks. A business loan can provide you funds to invest in the business with regular repayments to be made as a part of contract that may be for 5, 10 or 20 years depending on the life of the loan.
- You need to own an active registered business.
- You need to demonstrate your loan payback capacity .
- for the loan.
- Need to have documentation of your business’s financial history including a
- list of assets and liabilities
- Documents related to other loans (if any)
- You will need some sort of security (residential or commercial assets) to qualify