What Is A Specialist Business Loan?

Business loans can be the most difficult to successfully negotiate, but can bring the greatest benefits to you and your business. Whether this is for better cashflow, to purchase plant equipment, or even ensuring the premises you operate from has the correct loan for its purpose; specialist business loans usually work best.

Benefits Of A Specialist Business Loans

Lenders often require an enormous amount of information from you at the application stage, as well as ongoing information post settlement to ensure that your business remains on track. This of course takes time and money. There are however, great potential benefits for you and your business by securing a specialist business loan. For example, these loans can provide you with the necessary funding to grow your business, or even simply meet your obligations without dipping into your personal funds. Many small business people end up using their home loan redraw and credit cards to help fund their businesses. This makes tax time more complicated and expensive, and of course then puts pressure on the family budget.

Selecting The Right Business Loan

The challenge is getting the structure that is right for your business. There are many elements of a business loan that need careful consideration. For example:
Does the facility have an Interest only option as tax deductible debt? Usually, your accountant will want you to pay off your debt after you have paid off you home loan.

  • How often will you need to submit interim financials to the lender for a review and how much will that cost you?

  • How often will you need to re-value your commercial properties and how much will that cost too?

All these factors are critical when assessing the suitability of a business loan for your business, which makes negotiating the wrong loan easy to do if you’re not a business loan specialist.

Applying For The Best Business Loan

The process of applying for and negotiating theses loans successfully is a specialist job. Lenders employ staff who are experts in this field. It’s important that you are fully across not just what your bank can offer, but also what other banks would be prepared to offer you to win your business. Lots of lenders do not insist on you having your transnational banking with them – just the lending. This makes the process so much easier as they’re in no need to move your business bank account which will disrupt your direct debits and potentially change the account that your clients pay into. Additionally, some lenders require no business plans, ongoing interim financials, or valuations – its simply set and forget.

Business loans are a great tool for your business and there is a huge choice of lenders and product combinations available to you in the market today. If you are in the market for a new or refinance business loan, get in touch for a free, confidential chat.

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