Invest into your business
Of course you will need to have a registered business, you'll also need to show your ability to repay the loan, as you would with a home loan or personal loan.
Security for the loan will need to be provided – usually commercial assets would be offered by the borrower, in some circumstances you could provide a residential property as security as well. However this is only an option if the property doesn’t have a substantial existing loan against it. If you did qualify to use a residential property as security this can reduce the rates charged – in turn putting the $$$ back into your pocket.
Business loans are generally used to help you with:
- expanding your business
- opening a new store/shed/office etc
- renovating the property
- or, purchasing major plant and equipment
If you're looking for a business loan, talk to Deslie Taylor from your Mortgage Choice at Ormeau about what to expect and get the ball rolling. She will help you uncover all of your options and do all the legwork in sourcing you the business loan that's right for you.
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