RBA has increased interest rates get mortgage refinance advice HERE

Cairns Mortgage broker

LOANS FOR BUSINESS

Looking to access more funds for your business? Let us help you explore attractive commercial finance options

Rest assured that we will be available to answer your questions and provide guidance throughout the loan process.

Loans for Business-1

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What do you need to consider for your loan

At Eakins and Finances we are dedicated to helping businesses and investors secure the financing they need to grow and succeed.

With our extensive knowledge of the loan market, we support businesses in finding the right loan to meet their needs and financial expectations. We take the time to thoroughly assess each business’s economic situation, business’s cashflow position; including its revenue, expenses, and credit history, to determine the most competitive loan options.

We help businesses negotiate competitive interest rates and conditions and provide ongoing support and management services to ensure the loan is processed smoothly and efficiently.

1. Loan collateral

Some business finance may require collateral to secure the loan. This could be in real estate, equipment, or other assets. The value of the collateral will help determine the size of the loan and the interest rate offered by the lender. In some circumstances you can borrow up to 100% of the value of a residential property for business purposes. This can be in addition for your home loan.

We also have available render who will do some business loans unsecured.

2. Eligibility

A business’s financial history, credit score, and other relevant factors will determine its eligibility for a loan. Lenders will assess these factors to determine the level of risk associated with the loan and whether the business is a good candidate for financing.

3. Repayment terms

The business’s ability to service the loan will be governed by the loan term as well as the interest rate which will be use to calculate the monthly repayment. It’s essential to have a clear understanding of the repayment terms to ensure the loan is affordable and manageable over time.

4. Interest rate

The interest rate is one of the most important factors when evaluating a loan. A lower interest rate can mean lower monthly payments, while a higher interest rate can make the loan more expensive over time. It’s important to compare interest rates from different lenders to find the best deal.

5. Customer service

The level of customer support the lender provides is another critical factor. Businesses will want to know what kind of assistance is available during the loan process and what resources are available if they need help with the loan after it’s approved.

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Frequently asked questions

There are several types of loans available for businesses in Australia. Here are some common types of business loans:

  1. Small Business Loans: These loans are designed to help small businesses to manage cash flow, purchase inventory, or make equipment purchases.
  2. Term Facilities: These loans are for core asset funding such as funding for the building you operate out up.
  3. Business Overdrafts: Business overdrafts are revolving credit facilities that allow you to withdraw funds up to an approved limit.
  4. Equipment Finance: Equipment finance allows businesses to purchase equipment or vehicles, and pay for them over time.
  5. Invoice Financing: Invoice financing is a type of funding where you sell your unpaid invoices to a lender to receive cash upfront.
  6. Line of Credit: A line of credit is a flexible, revolving credit facility that allows businesses to withdraw funds as needed, up to an approved limit.

The collateral requirements for a business loan can vary depending on the lender and the loan amount. We can provide information on the type of collateral required and help you understand the impact on your business.

Yes, we definitely can support the business's financial needs. This may include assistance with loan refinancing. We are committed to helping you find the most suitable financial solutions based on the available options.

The time it takes for loan approval varies depending on the lender and the complexity of the application. The approval time is estimated based on our experience with similar loan applications and our work with the lender to ensure a timely and efficient process.