An Xpert Finance advisorand the brokerwill help you to understand the loan criteria and what the potential risks and liabilities are for both you as an individual andyour business. We’ll help you to search through and weigh up loan features and options to get the best rates and conditions that suit your circumstances and the requirements of your business..
What to consider when choosing a commercial loan
Some key considerations when choosing a loan for your business include:
• What competitor analysis have you done so far
• How comprehensive are your business plan and market research
• What’s your level of personal debt and individual financial history
• Your past history of business success
• Will the loan be used for purchasing physical assets eg property, machinery, vehicles or other equipment
• Your ability to provide assets (such as the family home) as loan security
What do you need to secure a commercial loan?
Though what you need to secure a commercial loan depends on the business loan providers, an Xpert Finance broker will guide you through the entire process.
However, as a starting point, it is important to get the following documents which will assist with your business loan application:
• Valuation documents or quotes for machinery, vehicles and other equipment
• Contract of sale for commercial premises
• Business plan and financial projections, including market and competitor assessment
• Personal financial records for the past two financial reporting years
• Business financial records for the past two financial reporting years
• Valuation documents for any personal assets offered as loan security