What to do when your bank says to go elsewhere

A challenge some business owners are finding themselves in the moment is that they’re being told that the finance they’ve got is no longer welcome at their current lender. If you’re familiar with commercial lending, you would know that reviews is something that a lot of lenders do on a regular basis and for whatever reason because you’re carrying a tax debt or because the bank has restructured how they want their portfolio to look, they might tell you to find another home for your lending. 

If you’re asked to refinance your loan elsewhere, depending on your personal circumstances, the state of your business, what cash flow is looking like through lockdowns and various other impacts that have occurred over the last 18 months you might find other lenders are also reluctant to take you. 

What to do when you need fast finance

Bridging finance and private lending is a solution to this problem. Whilst private lending is an area a lot of people don’t know that it’s available, it fills the gap of emergency funding and fast finance well. 

If you’ve got a competent broker with experience in the private space. There’s going to be a solution that can be afforded to you.  For those with property, there’s many more options available. 

Final tips

Know that there are solutions available to you. Restructuring Finance can be a challenge. Look more broadly than the existing Branch Network Banks and you’ll find your solution. 

Related Links

Selecting the right loan for your business

Business loans to pay out tax debt

The benefits of private lending (but buyer beware)

Case Study: Raising capital for a restructure




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