Achieve your Business Goals with a Business Loan
Behind every business is the need for a solid financial position in order to thrive. It makes good business sense to have a simple yet flexible commercial business loan structure when you grow your business. Greenline Home Loans has established a partnership with a specialist lender that provides unsecured small business loans from $10,000 – $250,000. Together we can support your business in achieving your goals with your very own commercial business loan.
Why Choose Greenline Home Loans for Business Loans?
Greenline Home Loans will take the time and effort to understand your goals, lifestyle and budget in order to find a business loan that is the perfect fit for you. When it comes to securing a business loan or a commercial loan, our partnership allows you to take advantage of business growth opportunities such as equipment upgrades, new staff members, marketing campaigns to boost new business, new contracts, increased stock levels and much more. From invoice financing to merchant cash advance loans and commercial property loans, the potential is unlimited in what you can do for your business with a new small business loan.
Take Advantage of Business Growth Opportunities
Begin your business loan journey with Greenline Home Loans today!
Overdraft Facility Loans
An overdraft facility is effectively a line of credit provided by your banking institution, which is an extension of your daily transaction account. This facility permits you to draw further funds from your account at the point where there are no more available funds, allowing you to gain quick access if you are experiencing cash flow issues.
Business Line of Credit Loans
Business lines of credit are the type of loans designed to support short-term funding requirements for businesses. Repayment terms are usually between 6 months and 1 year, depending on your business credit score, revenue and overall financial position. Approval takes 1-2 business days, and once the loan is approved, you gain access to funds that are ready to be withdrawn.
Invoice financing involves the use of your receivable invoices as collateral for a loan. This type of loan is designed to support businesses with their cash flow cycle. Qualifying for invoice financing is much easier as your receivable invoices act as collateral, and accordingly, your business credit rating is not that important.
Merchant Cash Advance Loans
A merchant cash advance is a type of business loan that provides a lump sum loan in exchange for a percentage of credit card transactions. This business loan is suitable for business owners in need of liquidity who cannot demonstrate good credit, or are simply not trading for a long period, and cannot qualify for other types of business loans.
Frequently Asked Questions.
How Do I Qualify for a Business Loan?
Lenders consider numerous factors when assessing business loan applications, including your business experience, how much money you are putting into the deal, the type of business you own and your security property. You are more likely to qualify for a business loan if you have an existing business operating within a low- industry where financial failure is less likely. Although, please note that there are no set guidelines to qualify for a business loan as they are generally assessed on a case-by-case basis.
How Much Can I Borrow with a Business Loan?
The amount you can borrow for your business loan typically depends on the lender, the loan product and their assessment of your application.
Here at Greenline Home Loans, we have established a new partnership with a specialist lender that provides unsecured small business loans from $10,000 - $250,000. Together we can support your business in achieving your goals with your very own commercial loan.
What is the Easiest Way to Obtain a Business Loan?
Merchant cash advances are generally the simplest way to acquire a business loan. However, they are also the most expensive product available on the market.
Merchant cash advance companies purchase a lump sum of your future credit card sales. They advance you a set amount of money in which you are required to pay back a small percentage of your daily credit card sales.
Merchant cash advance companies usually move quickly and have the most flexible eligibility requirements of any online lender.
How Much Deposit Do I Need for a Business Loan?
There is no set deposit amount required for a business or commercial loan, as each business is unique. Although, many lenders need 10 to 30 per cent of the loan value as a deposit. This money can derive from savings, working capital, alternative finance instruments or as an external investment.
The deposit amount that you will need for your deposit loan will depend on these various factors:
- Amount of money borrowed
- Purpose of the loan
- Personal credit history
- Business credit history
How Long is the Term For a Commercial Loan?
Unlike residential home loans, commercial property loans generally range from 5 to 20 years. The repayment period is often longer than the term of the loan. For instance, a lender may write a commercial loan for a term of 7 years with a repayment period of 30 years. In this situation, the investor would make payments for 7 years of an amount based on the loan being paid off over 30 years, followed by one final balloon payment of the entire remaining balance of the loan.
Can I Get a Business Loan Without Collateral?
When you don’t guarantee collateral, it is called an ‘unsecured’ loan. The main difference is that you usually won’t be able to borrow as much, and you will pay a higher interest rate. Certain types of loans do not require existing collateral, you will be required to use what you are purchasing as collateral. For example, with equipment finance, the item you are purchasing acts as collateral while you are repaying the loan.
Can I Get a Business Loan With No Credit?
If you do not have a credit record at all, it can be quite challenging to acquire a business loan. The same is true if you have a bad credit history which can be a result of late payments and/or bankruptcy.
It is recommended to start somewhere if you have no credit record, such as obtaining a personal credit card with a low limit and ensuring that you make all the payments on time. This will help you build a positive credit record for when you wish to take out a large personal or business loan.
If you have bad credit, it can be difficult to get a business loan. Few non-bank lenders specialise in offering business loans to individuals with bad credit, however, they will tend to charge higher interest rates due to the higher risk.
What is a Commercial Business Loan?
Commercial loans are arranged between a bank and a business and are generally short-term, but the bank may allow loan renewals and extensions if necessary.
Commercial loans serve many functions. Businesses utilise commercial loans to expand their facilities, tap into new markets, purchase equipment or properties or even to pay off debt. Here at Greenline Home Loans, when it comes to commercial business loans, there is no one-size-fits-all. We take a customised approach to commercial lending as there is a big difference between the needs of a promising start-up seeking debt financing as opposed to a seasoned company purchasing another business.
How Do I Qualify for Overdraft Facility Loans?
You are able to apply for an overdraft facility loan as soon as your business loan is approved by a lender. In order to qualify for an overdraft facility loan, you have to meet the following requirements:
- Business turnover is solid: you will be required to provide your latest balance sheet and profit and loss statement.
- Have equity in an existing property: your existing property will be used as security. You can borrow up to 85 per cent of your property value for business purposes.
- Can show legitimate business need: banks want to see that you have a need for an overdraft and that the need is regular and ongoing rather than a one-off cost that you need to cover.
As an award-winning mortgage brokering firm, Greenline Home Loans can find you a lender that understands the needs of business owners. Get in contact with us today!
Is Invoice Financing Right for My Business?
Invoice financing has now become a more favourable alternative to seeking bank loans. Invoice financing is the most beneficial source of funding for your business. It is far less restrictive as compared to traditional bank loans and it also offers far more flexibility. Invoice financing can help your cash flow and overall profitability for you business.
If you would like to seek out more information in regard to invoice financing, contact one of our professionals today here at Greenline Home Loans.
What is the Difference Between a Business Loan and a Business Line Of Credit?
Business loans and business lines of credit both offer capital for your business needs, although there are some crucial differences between the two.
A business line of credit is rotating credit that permits you to hold a balance that accrues interest. If you don’t use the line of credit, you are not required to make any payments. As long as you make the minimum payment each month when you do draw from the credit line, you can either pay your balance in full or whatever you can afford to pay. Your unpaid balance will accumulate interest.
On the other hand, a business loan is an instalment credit where you will receive a lump sum amount and make fixed monthly payments on it. It is important to repay the loan straight away, regardless if you use the money immediately.
Business loans are also limited to certain uses. For example, you can’t use the loan to pay your employees. However, a business line of credit can be used for any business purposes that you choose.
What Documents Do I Need to Apply For a Business Loan?
When applying for a business loan you may be asked to provide:
- Financial statements
- Proof of income
- Bank statements
- If you’re a start-up business:
- Cash-flow projections
- Business plan
- Business contract of sale
- Lease agreement
Do you need a Business Loan?
Get started on your business loan and commercial loan journey with Greenline Home Loans. We’re here to help! Speak to one of our professional mortgage brokers today.