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Qualifying criteria for a business loan

Posted: Mon Feb 01, 2016 10:01 am
by callofjuarez
I'm planning on leaving my accountancy job, invest in my finance firm and start working full-time there. I've been planning this for the past few months and now that I'm close to having everything planned out, I want to know what it takes to qualify for a business loan. Is there anyone who can give me some simple clear explanation or point me to somewhere I can get it from?

Re: Qualifying criteria for a business loan

Posted: Mon Feb 01, 2016 2:05 pm
by Otto Dargan
Hi callofjuarez,

Banks are generally less strict on their lending requirements with business loans because they aren't regulated by the NCCP Act. However, you'll still need to have a strong application and a strong business.

Lender will consider a number of factors when they assess a business loan application. This generally includes the amount of money you're putting into the deal, your business experience, the type of business and your security property.

For example, if you have extensive industry experience and your business is doing quite well then you may get a great deal on a business loan even if you can't provide full income verification.

There are no set guidelines to qualify though, and business loan are always assessed case by case.

Please note that loan approval usually depends heavily on how well your business loan proposal is researched and presented.

You can find out more on our website. We have mortgage brokers with many years of experience in the industry specialising in business loans. You can speak with one of them directly by calling 1300 889 743 or by enquiring online.

Cheers,
Otto

Re: Qualifying criteria for a business loan

Posted: Tue Feb 02, 2016 9:10 am
by callofjuarez
So all business loans are assessed on a case by case basis? That's logical. I have almost two decades of industry experience and more than 5 years running my firm, which isn't doing bad at all. I'll definitely give you a call to find out what type of deal I can qualify for. Thanks and talk soon.