Which lender can gie the best business loan? Best rate and % amount of loan?
Anyone with any experience?
I am planning to buy a business soon.
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anyone?
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Fullout
It is pretty hard to get a loan for a business as really there is no security.however, some banks will lend for big franchise purchases such as McDonalds. Unless you have property you can use as security it will probably be very hard and/or hihg rates?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As per Terryw, you will need property ie PPOR, for security, (they like you to have the risk, so thye will want your PPOR as hurt money), besides that they will generally only lend 50%, some cases a little higher- up to 75%, but if you have a property, use your equity, you’ll receive a lower interest rate.
Generally, a business loan, starts at 7.35% and the lenders only like it over a term of 10-15 yrs max.
If your looking at a home laon for this, there are many lenders and many rates, for business loans, well, there are also many, however to point you in the right direction, some more infor would be needed.
IE. Do you have property/equity,
If not, have you ran a business before?
Is this business in the same industry that you are currently in? Basically, what’s your experience, in regarards, to this business.Lenders will ask a lot eg. business plan, 3 years tax returns etc..
If you have equity in any property, this will be the easiest method and best outcome for you, if not it will be a bit more of a challenge.
If you want you can email me some details.
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