We do not require valuations or financials, and can settle genuinely within 24 hours of application. A bad credit history is no problem either. Once you apply, the loan just settles fast with minimal hassle in 24 hours…. The way it is meant to be!
To lend money in 24 hours and only for a short term, there is always a cost. Its a little like hiring a car. For a day or a week, the cost it’s ok, but you wouldn’t hire a car for 3 years. Always beware of lenders who offer short term business loans FROM 1%pm or 2%pm. There are always hidden monthly costs (like interest in disguise), and/or there are massive up-front costs. We don’t believe in trying to fool people with cheap “lead in rates”. We believe in honesty and transparancy.
Our Short Term Business Loans (or caveat loans as they are sometimes known as) can genuinely settle the WITHIN 24 HOURS, as we do not require sworn valuations. They are generally taken out by small business people who need access to funds very quickly (over a short time of generally no longer than 6 months). Money is lent for any worthwhile business or commercial investment purpose. In addition, we are one of the only short term lenders who will lend money on property located anywhere in Australia!
The borrower has sold a property, but it does not settle for another two months. However the borrower needs access to part of the money now. The borrower is refinancing, and needs some money right now to pay off some other debts, or buy heavily discounted stock for their business.
You must have equity in a piece of real estate. With our loan added to the first mortgage that may be on the title, the LVR (Loan to Valuation Ratio) needs to be 75% or less.
You need to have an EXIT STRATEGY. This means, you need to be able to show how you plan to pay the loan back within a period of no more than 6 months. (Eg: through the sale of a property or refinancing, etc) Our Business (Caveat) Loans must be for genuine Business or Commercial Investment Purposes. Please don’t hesitate to email us or call us if you are not sure if your scenario fits.
Best of all, with the short term Bridging or Caveat loans, you don’t have to make monthly interest payments. The interest is paid back in one go at the end of the loan term, along with the principal.