Non Bank Business Finance
At short notice, I was asked to join a Director of an Australian online Business Finance lender for lunch.
A light bulb moment for me was when he said “it seems Banks spend all their time looking for reasons to say No, I spend all my time looking for reasons to say Yes”.
This fits in so well with our Non Bank website which is all about, “where you go when your Bank says No”.
Business Finance is often a short term solution to provide capital for stock, plant, vehicles, or expansion, including additional staff wages.
Often it is for growth, but it can include bridging finance for development or fund a larger contract where payment is on completion or requires you to buy significant materials upfront.
Online applications are a common feature with a very quick response, which at times can be within a day. There will usually be more information required but not to the same level that a Bank requires.
Business finance includes short term loans and flexi facilities which you can access and pay back as required. Some lenders require first, or second mortgage security others are on an unsecured basis.
We deal with a number of lenders who operate in the Non Bank Finance space. Many are based in Australia but have set up New Zealand offices as they identified a gap in the New Zealand market.
HomeSec is one of these and we have been working with them for some 9 months. They will consider loans for any business purpose with first or second mortgages as security, $20,000 to $500,000. If you have sufficient equity and acceptable real estate security, you are almost certain to be APPROVED within 24 hours.
Frequently asked questions about Business Finance
Business owners may seek finance online as they urgently need finance and online application requires less paperwork. It may be because Banks are too slow or always want more information, and opportunities can be missed for the businesses while waiting for Banks to provide finance.
The answer is probably yes, with a higher interest rate and fees, but they often take a higher risk than a Bank is comfortable with.
No, as we only provide an online referral service, there are no additional broker fees. If the application proceeds the lender pays a referral commission to us.