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Securing commercial finance is crucial for business growth and sustainability. Innovate Funding is a leading non-bank lending solution offering flexible and efficient solutions for businesses seeking finance secured by a first or second mortgage. Understanding the required documentation and information will streamline the process and enhance your chances of getting approval. Here's a comprehensive guide on what you need to prepare to secure commercial finance with Innovate Funding.
Required Documentation For Innovate Funding as a Non-bank Lender
1. Loan Statements When Refinancing
If you're refinancing an existing loan, providing your current loan statements is essential. These statements clearly show your payment history and outstanding balance, helping assess your financial health and repayment ability.
2. Council Rates Notice
A council rates notice is required to verify the property's details and ensure all local government charges are current. This document also serves as proof of property ownership and can influence the valuation process.
3. Driver's Licence of Directors/Owners of the Property
For identification and verification purposes, the driver's licenses of all directors or property owners involved are necessary. This helps confirm the identities of the individuals responsible for the loan.
Additional Information Needed we need as a Non-bank Lender
Beyond the essential documents, Innovate Funding requires specific details about the loan and property. Here's what you need to provide:
1. Loan Amount
Clearly state the amount of finance you are seeking. This helps match your needs with the best possible loan products and ensures the application process is tailored to your specific requirements.
2. Property Address (Valuation)
The exact address of the property being used as collateral is essential. Innovate Funding will arrange for a professional valuation to determine the property's market value, directly impacting the loan-to-value ratio and the amount of finance that can be secured.
3. Purpose of Funds
Detail the intended use of the funds. Specifying the purpose for expansion, equipment purchase, working capital, or any other business need helps assess the loan's viability and align it with suitable financing options.
4. Term Needed
Indicate the desired loan term. Whether short-term or long-term, specifying the term helps Innovate Funding structure the loan appropriately, considering repayment capabilities and financial goals.
5. Exit Strategy
An exit strategy outlines how you plan to repay the loan. This could involve selling the property, refinancing with another lender, or using business profits. A well-defined exit strategy reassures the lender of your repayment plan and reduces the perceived risk.
Choosing a non-bank lender like Innovate Funding comes with distinct advantages:
1. Flexible Lending Criteria
Unlike traditional banks, non-bank lenders often have more flexible lending criteria. This means that even if you have a less-than-perfect credit history or unique financial circumstances, you may still qualify for commercial finance.
2. Faster Approval Process
Non-bank lenders typically offer quicker approval times, enabling faster access to funds. This agility can be crucial for seizing business opportunities or addressing urgent financial needs.
3. Tailored Financial Solutions
Innovate Funding takes the time to understand your business and financial goals, offering customised loan solutions that best fit your needs. This personalised approach ensures you receive the most effective financing for your situation.
4. Expertise and Support
With extensive experience in commercial finance, Innovate Funding provides expert advice and support throughout the loan process. This guidance helps you navigate complexities and make informed decisions.
5. Competitive Rates
Despite being a non-bank lender, Innovate Funding offers competitive rates and terms, ensuring you get value for money while meeting your business financing needs.
Conclusion
Organising commercial finance with Innovate Funding is a streamlined process when you know what information and documents are required. By preparing loan statements, council rates notices, and driver's licenses and providing detailed information about the loan amount, property address, purpose of funds, term needed, and exit strategy, you enhance your chances of securing the necessary finance. The benefits of working with Innovate Funding—a flexible, fast, and tailored approach—make it an excellent choice for your commercial lending needs.