Скачать с ютуб How do I get a business loan in Australia? | Liberty Financial в хорошем качестве

How do I get a business loan in Australia? | Liberty Financial

https://liberty.com.au -- Heidi Armstrong explains all you need to know about business loans: How they work, and how to go about getting one. FULL ARTICLE: https://www.liberty.com.au/blog/inves... Whether you’re an existing business owner or trying to finance a start-up, business loans and commercial property loans can give you the funds to kick-start or keep growing your venture. As more Aussies opt to work for themselves or start their own ventures, the demand for business loans and commercial property loans is rising. Established businesses and start-ups alike often need funds for working capital, equipment, leases, acquisitions, advertising, company vehicles, and commercial property mortgages. How do I get a business loan in Australia? If you’re seeking a business loan in Australia, your first step is to find an experienced business finance broker. They will have access to a broad range of lenders and will know which ones have an appetite for your type of business. This can save you time and money rather than trying to compare different lenders and their products on your own. And it’s important to understand your terminology. Often, people interchange the terms “business loan” and “commercial loan”, however, there are some slight differences between them. When brokers talk about a commercial loan, they are usually referring to a mortgage on commercial real estate. Borrowers may seek a commercial mortgage for premises in which to run their business or from professional investors seeking commercial property to provide rental income and capital gain over time. What is an unsecured business loan? An unsecured business loan is a loan that does not require real estate collateral for approval. An unsecured loan is made solely on the strength of the borrower’s credit and financial standing. With an unsecured loan, the risk to the lender is higher, because they can’t rely on an owned asset to make up for any losses if the borrower fails to repay. For this reason, interest rates on unsecured business loans tend to be higher. What is a secured business loan? A secured business loan or a commercial property loan uses collateral – usually in the form of residential or commercial real estate to back the loan. Secured business or commercial loans involve less risk to the lender because if the borrower doesn’t make repayments, the lender can rely on the security property. This means that secured business or commercial loans usually offer higher loan amounts and lower interest rates. Many secured business loans have commercial real estate security. For example, if a doctor owns the building that the medical practice operates from, they might leverage the equity on the commercial property as security for a loan to update their medical equipment. What is a low doc business loan? Low doc business loans are for qualifying business owners who don’t have all the documentation typically required to get a business loan. Many entrepreneurs and independent contractors need funds for start-up expenses. So, they don’t have several years of business tax returns or proof of consistent cash flow on Business Activity Statements. But this doesn’t necessarily mean these types of applicants can’t get a business or commercial property loan. Traditional banks and credit unions may be less willing to lend to low-doc applicants. However, there are plenty of speciality lenders who have the expertise and resources to assess a borrower’s financial strength using alternative means. When applying for a low doc business loan or a low doc commercial loan the lender will likely require real estate as security. Because low doc loans are a higher risk to the lender, they will want to ensure they have sufficient security to recover any losses if the borrower is unable to meet future loan repayments. Can I get a business loan if I have bad credit? You can still get a business loan if you have bad credit. However, these borrowers will usually be subject to higher interest rates and will need collateral to secure the loan. Unsecured business loans are hard to get unless you have an above-average credit history. If you’re seeking a business loan and your credit score is on the low side, you’ll need to present a good case to your lender. How do I apply for a business loan? Applying for a business loan doesn’t need to be daunting. A good starting point is to seek out the services of an experienced business finance broker. You want someone who understands what you’re trying to achieve and can identify lenders that have an appetite to back your situation. Have questions? Visit https://www.liberty.com.au/about-us/c... To read the full article: https://www.liberty.com.au/blog/best-...