REFINANCE YOUR CURRENT LOAN
If you’re looking for a better deal on your loans, then refinancing might be the solution. With so many options available and at competitive rates. We can help guide people in their decision by providing them with all this information about how it works. Read ahead to learn more about the opportunities and benefits refinancing can provide.
Save Money Increase Cash
For many building owners, refinancing is the best way to go. Not only does it reduce their monthly out of pocket cost and increase revenue, but they can upgrade property for renters pay higher rents. Building loans are not just about construction or bridge financing – you might have a pending balloon payment at end of loan which needs paying off with permanent financing? Moving your construction or bridge loan financing into permanent status is an excellent use for a refinance.
When a company is starting out, they may not have any verifiable data or proof of concept. They’re also likely without much cash flow because it’s hard for them to generate revenue now but as you grow your business and become more successful over the years so do those factors that make up credibility when applying again with fresh loans! A better financial picture can influence lenders who give higher rates than what was available before due consideration on creditworthiness including past performance metrics like profits seen by borrowers during their previous loan applications. Gain More Confidence When Applying for A New Loan
Refinancing is one of the best ways to increase your monthly payment and improve business finances. Even if you stay at a constant interest rate, there will be better results from operational revenue because it changes how much money comes in each month based on what’s happening with variable rates rather than being set by Prime or any other single source (like economy). You may also want to consider lengthening terms when possible – this can reduce payments pressure while still achieving desired goals for short periods where economic conditions allow.
There are no one-size fits all when it comes to refinancing your business. Even the factors that determine what you should do are largely based on unique circumstances for each company and their needs in moving forward with financing options available or not.
LOAN HIGHLIGHTS
- Personal credit scores of business owners will have some bearing on the outcome.
- When lenders want to invest in your business, they will look for a Debt Service Ratio of 1.2 or better – so cash flow and gross revenue plus the minimal debt profile are important factors.
- The ability to refinance will depend on the length of ownership and valuations for your asset.
- Business credit ratings you have will determine the loans available to you.
Disadvantages
- Closing cost and fees applies when refinancing.
- Loans come with early repayment fees, which become a deterrent to borrowers looking for refinancing.
- Asset appraisals can take time which slows down the loan approval process.
Advantages
- Interest savings can significantly impact business cash flow and monthly costs.
- In some cases, you may be able to combine multiple loans into one monthly payment.
- With refinancing, you can take advantage of higher property valuations to invest in your business.
Quick Application
Use our five minute application to get a clear understanding of your funding options, terms, and interest rates.
