Business Development Loans
Business loans are designed to assist you with major investments in the future of your business.
To qualify for a business loan you will of course need to be running a registered business. You’ll also need to demonstrate that you can easily repay the loan, by providing documentation of your business’s financial history and assets and liabilities, including any other loans. You’ll be required to provide security for the loan, in the form of either residential or commercial assets.
Our business loan experts can help you guide through for choosing the best business development loan.
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Business Loan Options
There are many different types of business loans available in the market today which require the borrower to put up some form of security such as their business premises. Another option is to provide a residential property as security (this is also known as a business mortgage loan). To know more about security for business loans consult with our mortgage brokers now.
Fixed business loans
Payments are set against a fixed interest rate, and remain the same for the life of the loan, which can provide certainty around repayment amounts. However, interest rates on a fixed business loan are often higher than market rates. Some lenders will allow fixed business loan holders to make additional repayments (usually up to a set limit per year). This can be a good option for a business where cash flow has improved and there is an opportunity to pay off the loan sooner and reduce the interest incurred.
Variable options for business
A variable business loan allows greater flexibility, but as interest is calculated on an ongoing basis against market rates, it provides less certainty around future repayment costs. Different lenders also offer different repayment options, with some enabling reductions to interest only payments for a period of the loan. Additional payments may be made without penalty, and some lenders will also allow a redraw facility on their variable loans, enabling the business to access funds without having to create a new credit facility.
It’s also possible to create loans with both a fixed and variable component, giving you the best of both worlds.
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