Ok, what exactly is a bridging loan and how does it work?
Well, it’s pretty much just what the name suggests, funds that form a financial bridge that allows you to keep moving along a successful business path. Here’s a few examples of when a bridging loan from BizLoansFast can help your business. If you feel like your own situation has some similarities to these examples then a bridging loan might be for you. But remember, everyone’s situation is different. At BizLoansFast we don’t fit people into boxes. The below are just examples, if your scenario is very different from these, it doesn’t mean we won’t fund you.
So, some likely scenarios for a bridging loan:
You own a building company. You secured a good-sized job to build new units of a housing estate. Two days ago, the property developer called you and said they’ve just secured more land on the same estate and want you to build twice as many units.
Wow what an opportunity!
Unfortunately, you had only budgeted for, and had enough cash on hand to cover wages for contractors on the original quote. But now you’ll have to pay double that amount? And you know they’ll be lag time before the developer pays you in full.
Well, that’s where BizLoansFast can come in and fund the shortfall for any amount from $20,000 to $5,000,000 over a period of 1 to 6 months. You pay all your contractors on time, keep them happy and turning up, and win big time because you get to effectively double the original job.
Or how about this one, and this is a situation we help out with regularly. You’re a property investor, looking to refinance some properties at a more competitive rate. But for one reason or another you’ve had a bit of pressure on your cash flow lately and have fallen behind on your repayments. Not many lenders will look at long term refinancing you for a competitive rate in this situation. First, you need to get your payments up to date. Solution?
Get your mortgage payments up to date with a bridging loan from BizLoansFast.
As long as you have sufficient equity in property we can act immediately, pay the outstanding funds directly to the first mortgagee and bring the loans up to date—problem solved.
Here’s one we actually had recently. Just as the COVID-19 pandemic hit in early 2020 we had a medical supplies company contact us. An importer they regularly dealt with had brought in a large quantity of face masks, hand sanitizer and Hazmat items for another company, who had then cancelled their order after the goods landed. The medical supply company that contacted us could see where things were heading, and that they’d have multiple customers wanting these supplies, but they didn’t have the cash on hand to take advantage and secure the goods. 24 hours later with BizLoansFast’s help they did. And over the next couple of months, as Covid-19 took hold of our community, they were able to supply these much-needed items nationwide. With the profit they made from sales they were able to pay the loan off early, and with BizLoansFast there’s no penalty for doing that.
Now let’s look at our quick and easy approval process.
So, what do you need to do to qualify for a BizLoansFast bridging loan?
That’s the easy bit.
BizLoansFast bridging loans are secured against real estate that you own, and sit neatly in behind an existing first mortgage.
All we require to get your application started is you fill out our 60 second online form, and if it’s in business hours, one of our expert consultant team will contact you withing the hours.
Then we just need a recent Mortgage statement for the property or properties you are proposing as security, a rates notice and ID for each borrower.
What we offer
Speed: Funds in your account in 24 hours if approved.
No Payments eating into the funds you’ve borrowed: No repayments during the loan period.
No financials: We don’t ask you to provide financial statements or profit and loss statements regarding your business.
If you need funds fast, the sooner you get the application process started, the sooner we can help. Fill out our on-line application today, or contact one of our team on 1300 852 150 and experience the BizLoansFast and let us provide a bridge to financial success for you.
The speed with which a loan will be approved, and funds deposited into your account. BizLoansFast can complete this process in 24 hours.
How much documentation will you have to provide and what will be the cost of sourcing it? Paying valuers to conduct costly valuations on your business and having your accountant generate and collate numerous financial statements, cash flow history reports, and asset and liability statements just to apply for a loan is costly and inefficient. All BizLoansFast needs is a rates notice, a recent mortgage statement, your ID, and our 60 second on-line application filled out and we get to work approving your loan.
With bank loans you can often be looking at lengthy approval and loan processing times. They make it clear from the outset you will be operating on their timeframes, not them reacting to your needs. They often request an onerous amount of documentation? They snail mail contracts back to you, taking 2-3 days? They send cheques or deposit funds via internet transfers that take time to clear? Banks were born centuries ago and some still operate like they’re still there!
With an online business loan from BizLoansFast approval letters on loans are issued in 2 hours via email! Once accepted we issue loan contracts in 4 hours! No property or business valuations, no tax returns, no financial records required from you. Once approved your funds are transferred to your account immediately! Our whole process takes 24 hours from start to finish, and our consultants keep you, informed at every moment of the process—we’re here for you—not the other way around!
At BizLoansFast we think we’ve made our loan application the simplest and easiest to complete in the industry. Because we only secure your business loan against real estate you already own and you don’t make any payments on the principal loan amount during the term of the loan, we don’t need multiple statements and records regarding your business. We understand that what you need to focus your time on is your business and not completing lengthy loan applications.
Literally all you need to get a BizLoansFast loan application underway is to either call us on 1300 852 150 or:
In business, speed and efficiency can be everything. Often business owners need to pivot, be nimble and act decisively. Sometimes this means having medium to large amounts of funding at your fingertips to take advantage of a commercial opportunity or avert a cash crisis.
Super-fast service understandably comes at a premium, and at BizLoansFast we recognize you are coming to us for a time effective solution, not just a rate. We have a variety of loan structures to suit your needs. Whether it be a short term business loan, (also known as a caveat or bridging loan) or a fast second mortgage loan. Our team will react to your application and can pre-approve funding in 2 hours, we can email loan contracts in 4 hours, and have funds in your account RTGS payment instantly. We’ve built our reputation on efficiency and speed of service and will find you a solution to meet your timeframe.
At BizLoansFast our upfront fees are low, and we are transparent in disclosing them. We are not here to waste your time promising you the world as some other lenders do, and then request high fees be transferred to their account before they fund your loan. You should be extremely wary of any lender requesting this, as the costs of processing a loan application just do not warrant it.
Any fees associated with your loan are clearly shown in simple language and you will know exactly what they will be.
BizLoansFast is a founding member of A.S.T.L.A the Australian Short Term Lenders Association and adhere strictly to fee disclosure charters we helped draw up. When borrowing money short term, we advise you only deal with an accredited member of A.S.T.L.A.