While the dream of running your own successful business is indeed very exciting, in practice it’s not always like that. We are sure that most business owners and brokers will be able to relate to some of the following points…
1. If you need finance to purchase a new business, the bank is going to ask you for financials for the business you are not even running yet. In addition, they will ask for business projections, which unless you have a crystal ball can be tricky.
2. A big problem is that not all potential business owners think to get a pre-approval before they buy a business. Instead they rely on the assumption that they have plenty of equity in their property, and so it shouldn’t be a problem. And, it shouldn’t be a problem, but unfortunately, it often is when you are dealing with the banks.
3. We are also seeing people have opportunities to buy into a business. This may be to buy a 20% share of a pub. With an opportunity such as this, there are likely to be a number of other interested parties who are keen to beat you to the prize. So extensive waiting around to get finance in place is simply not a luxury most will have. If you go to your bank, sure they might agree to funding the deal, but the reality is that you are looking at waiting around two months just for them to do their due diligence.
There is a solution – HomeSec Business Finance!
At HomeSec, we don’t need all the hoo ha that a bank insists on. We will advance the funds to your client the following day, secured against their real estate. Then you simply do a normal refinance on the first mortgage and our caveat loan.
It’s that simple!