How do you qualify for a short term business loan?
You need to have a registered ABN or ACN and sufficient equity in real estate assets.
Do I need to put up collateral for short term business loans?
Yes, We require equity in a real estate asset, this can be a residential property, commercial property or vacant land.
Can I increase my business loan halfway through the term?
If there is sufficient equity available an increase of the loan could be considered.
How are short term business loans repaid?
Normally short term business loans are repaid from sale of an asset, refinance or business income.
How much does a bridging loan cost?
The cost of a bridging loan is determined by the loan amount and loan term, we have a no obligation letter of offer which will set out the exact cost of the loan. This is issued once an application has been lodged.
How much equity do you need for a bridge loan?
You can borrow up to a maximum of 75% of the value of your property, this must also include any current mortgage you have.
Do bridging loans have interest-only terms?
We have an interest only 12 month loan option, or you can choose to have all interest and fees capitalised into the loan.
What is the interest rate for bridging finance?
Interest rates start from 1.95%pm.
How long can you have bridging finance?
Our loan terms range from 1 month to 12 months, however extensions are available.
Can I get bridging finance if I have a bad credit rating?
Yes, credit history is not relevant to our funding, however in some cases we may require any court judgments to be repaid from the loan proceeds.