With private loans, there are no restrictions around what you can use the money for. Once approved, you can use private funding for any worthwhile business purpose. Using residential property or commercial property as security, you’re free to decide how to use your funds.
If you’re struggling to access finance through mainstream lenders because you’ve got bad credit, private lender loans can remove the hassle. Backed by a security property and an exit strategy, private lending specialists are happy to offer private loans for bad credit to business owners regardless of their credit score.
With private loans, there are no restrictions around what you can use the money for. Once approved, you can use private funding for any worthwhile business purpose. Using residential property or commercial property as security, you’re free to decide how to use your funds.
Private business loans support your business with easy-to-access, short-term finance. It provides your business with the working capital support you need, without being a drain on cash flow at the same time.
One of the most significant benefits of private lending services is the flexible lending criteria, making it simple for almost any business owner to access the capital they need.
If you’ve gotten nowhere with traditional bank loans, and you’ve got property to use as security, it’s comforting to know that there are non-bank, alternative options outside of the major banks and unsecured lenders. Some of these even include loans that can come with up to 12 months of deferred interest payments available.
Any cash accessed through private lenders needs to be for business purposes. A business purpose can include activities such as:
Private loans are secured by real estate property, which means the loan amount is based on the value of the security property. The way in which the asset is secured will depend on the type of private loan. For example, with a second mortgage, the lender has a legal claim over the property after the first mortgage lender. However, with a caveat loan, a caveat is placed on the property title restricting what the owner can do with the title, but they do not have a legal claim as they would with a mortgage. This is actually the reason private loans can be so fast — a caveat can be placed on the property title in a matter of hours, so the funds can be released promptly.