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The client was into manufacturing business and had recently received a big contract for which he required a business loan of $400k with a competitive pricing. Considering his business was just turning over around $90k per month, it was difficult to find a lender who can do $400k on the given turnover.
After getting in contact with the client, we understood the client’s requirement for such high funding against his revenue.
To get the desired results, our lending specialist presented the case by highlighting the future revenue potential in the business. We also highlighted the other strengths of the business-like property backed director, its industry whose future outlook was positive. Considering the strengths of the business, the lender took a stretched call on the business by approving the required $400k at a competitive pricing.
Broc Finance was able to get the client his required loan amount at a very competitive pricing even if the turnover was not justified for the quantum of the loan amount. The client was very impressed with the results and left us 5 stars review on Google.
At Broc Finance, we always strive to get the customer’s needs fulfilled by going an extra mile.
If you have a scenario to discuss, contact us or get an indicative quote
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
There are various alternative business loan options which do not require you to be an asset owner. Some of the popular options are unsecured business loan, business line of credit, debtors finance and invoice finance facilities. Please reach out to us on 1300 253 041 or send us a message. One of our lending specialists would get in touch in no time to assist you.
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
EMAIL US
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