Do you want to purchase an existing business? Do not have enough savings or cash injection from a business partner? Do not worry, take to our business loan specialists and we will find the right solution for you to borrow from the banks to fund the purchase.
The requirements you need to meet before you apply:
- Security: business loans can require security in the form of residential or commercial property. If you have a strong financial position, the loans can be unsecured.
- Personal and corporate guarantee: a guarantee is required by company directors for the following:
- The company is the borrower,
- Directors’ other company’s profit has been used for serviceability purpose.
- Credit history : all borrowers, including directors, companies, and must have clear credit records.
- ATO liabilities and lodgment: all lodgement must be up to date and ATO portal printout showing nil tax debt.
- Directorship change: if the company profit has been used for borrowing purchase, it is preferred the directorship has not been changed in the last 12 months.
Normally we require the following information from you to proceed with the application:
- Business Plan
- Cash flow forecast
- Full financials for all applicants for their existing businesses plus personal income tax returns
- Vendors financials of the business you are buying
- Contract of sale or Section 52
- Lease agreement
- Last 3 months of home loan statements if the residential to be refinanced as the securities
What we can achieve for you if you application is successful:
- LVR: 80%-100%
- Interest rate: from 4.5%
- Repayment type: can be interest only up to 5 years
- Loan terms: 15-30 years
Please note application fees (0.75-1%) charged by banks apply to all business loans.