Fast Business Finance – Commercial loans quick
Fast business finance can be used in an emergency or when funds are needed urgently.
Quick commercial loans are typically more expensive than normal commercial loans so should only be used when necessary.
However, if you have a time sensitive commercial opportunity that you require funds quickly for a short term, a quick business loan, despite being expensive, may meet your needs.
For example, fast business loans may be used in case you have some goods that can be on sold at a high mark up but do not have the funds on hand.
You may also be need cash out from a commercial property to pay the deposit on another property until you can get longer term finance.
A major problem with normal commercial property finance is that it is slow to be approved because it relies on a valuation to be performed, which can take several days. Normal commercial property lenders can also take a long time to assess your loan. If you don’t have time for this then you may need to use a fast commercial loan. Some short term commercial lenders use alternative methods to to value a property such as an internal desktop valuation or other ways that do not require them to wait for the valuation report from a valuer.
Settlement can be within 24-48 hours if all of the criteria are met.
The biggest drawback is the cost of short term business loans, which can be very expensive. Short term lenders typically charge by the month with rates from 3% to 8%+ per month and the establishment fee can also be expensive. You had better have a good reason for using this type of short term business finance.
Still think that you need a short term business loan? Ask Oak Laurel about getting a short term commercial loan.