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Broc Finance recently helped a client based in Victoria, Australia, refinance an existing loan against their property that carried a high-interest rate compared to the market rate. Our lending experts were able to secure a Secured Business Loan worth 1.625M for our client, providing them with the much-needed funds to refinance their existing loan with some additional funds to pursue their business goals
The client owns a venue rental business that targets the entertainment industry. The client’s existing business loan against her home carried a high-interest rate compared to the current market rate, making it a costly option for their financing needs. To reduce their interest expense, they needed access to financing that could help them refinance their loan with some additional equity out and pursue other business goals.
Our lending experts quickly identified a lender who was willing to fund the client’s needs and offered a 2.5% lower interest rate than their previous loan. We were able to secure a Business Loan against property worth 1.625M for our client, providing them with the funds they needed while meeting their expectation of lowering the interest rate.
The client was overjoyed with our ability to secure competitive financing in a rising rate market while securing her more funds. They expressed their satisfaction and gratitude towards Broc Finance, acknowledging the team’s professionalism, expertise, and dedication.
The success in facilitating the funding and refinancing of the property is a testament to the importance of having access to expert financial services. In today’s competitive market environment, it’s crucial for homeowners to have access to funding that can help them refinance their property, seize new opportunities, and grow their businesses.
Broc Finance is committed to small business owners with the financial support they need to succeed. Our team of lending experts understand the challenges faced by SMEs today and is dedicated to providing innovative financial solutions that meet their unique needs. Whether you need a Secured Business Loan, Refinancing or any other type of financing, Broc Finance can help. We are experts in getting flexible repayment terms, competitive interest rates, and fast approval times to ensure that your needs are met in a timely manner.
Contact Broc Finance today to learn more about our financing solutions and how we can help you achieve your goals. With our support, your business can thrive and reach new heights of success.
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The most accepted security by the lenders is a real estate property in the name of the company or the business owner/stakeholder. A few lenders also accept some other assets such as vehicles, commercial equipment, savings in the form of fixed or term deposits or gold as a security.
You are not permitted to sell the assets you pledged as a security without getting approval from the lender. In most of the cases, a lender would only allow it to sell if the security is replaced by some other form of security, or in rare instances, they consider the loan can be converted into an unsecured business loan which can be due to reduction in overall risk associated with the business.
With a secured business loan, your option broadens to qualify for a business loan even if you are a startup or new business. Some of the benefits of getting a secured business loan over an unsecured business loan could be competitive in terms of rate of interest, can get higher loan amount and longer term. You may also qualify for a secured business loan with a bad credit score depending up on lenders’ credit policy and other assessment factors
Traditional Banks do offer secured business loans. However, they maintain a strict screening process for loan applications, especially those applied by small businesses, which makes it a difficult and time-consuming process for a small business owner.
Opposed to Banks, there are various non-bank private lenders and fintech companies who specialize in providing business loans to small businesses. Broc Finance is dedicated to assist small businesses with an easy and streamlined process to obtain a Secured business loan through its panel of non-bank cash flow lending partners with possibilities of financing within 24 hours. Please get in touch to know more.
Lenders are generally more lenient with secured business loans for borrowers with bad credit history as there are assets that they can use as protection. We have tie up with lenders who are happy to look at businesses who had bad credit history in the past but have robust cash flow at present. Please get in touch with us for a free consultation.
At Broc Finance, we endeavour to get the most adequate facility suitable to the business requirements of our clients. In most of the cases logged in through us, we try to get an indicative offer from the lender for our client’s consideration before proceeding with formal application and consent to credit check. This approach helps our clients to avoid unwanted rejections and credit checks which can significantly impact their credit score.
We would be happy to answer, if you have any other questions. Please contact us.
Contact us today and discover how our expertise can help your small business thrive.
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1300 253 041
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enquiries@brocfinance.com.au
Broc Financial Services Pvt Ltd.
ACN 648 088 304
Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328