As an experienced and professional businessman you will get to that point where your business will self-sustain, generating income and covering all of its needs. But there is a long way to go if you’ll ever want to reach that point. The initial investment is crucial as it can help you get over that difficult starting point where many business plans meet their end. You need to make the plan work, which means that you have to take your future business strategies and make them a reality.
- Home loans
- Debtor funding
- Chattel Mortgage
- Commercial Hire Purchase
- Novated Lease
With BellFIN, all your business need will be covered.
Just to cover all aspects, you should know that there are 4 major requirements that any lender will ask you to meet:
1. Credit history
In other words, this refers to your credit record and whether you were a good payer or not. This simple fact can make the difference between a successful transaction and a plain refusal from the lender. Keep in mind that the regular monthly payment is what actually counts. It is irrelevant if you are able to finalize a 4 year contract in a 3 year period, if you are late with your payment each month. Yes, overall the full debt is paid a year earlier, but the delays registered across the duration of the contract, when you failed to meet the monthly deadlines, may influence your lender to refuse you another contract.
Also, if you think that small unpaid debts won’t influence a larger one, you are wrong. We are talking about your electricity and water rates, various debts to phone companies and so on. All of these will offer your lender a general impression on your seriousness when it comes to meeting your obligations and can influence their final decision.
2. Can you pay back?
It is a fact that most lenders chose to provide their services mainly to established businessman, who have a profitable company, rather than finance freshmen. Also, there are certain benefits that you can get for holding an abn for longer than 2 years and being a property owner. This can potentially give you access to finance without having to supply the lender with financials/tax returns.
Your collateral will depend on the type of loan you will choose. Most of the time the lender will use the asset being financed as collateral/security. You can get access to personal or unsecured loans but these normally attract a higher interest rate. Secured loans against the asset or using property as security give you access to cheaper money.
3. The management team
Having an experienced team and management will be a huge asset even for small and recently established businesses. An experienced and competent broker will surely determine your qualities as an applicant, but this aspect is one of extreme importance. BellFIN’s brokers rely on their extensive experience in the lending business to make sure that your business will be properly analyzed.