Fast Bad Credit Business Loans Secured by Property

Yes. We can refinance a lender out after it has issued a default notice. What decides the loan is the property securing it, a loan within 70% of its value and a dated plan for repaying us. Send us the default notice, the bank's written payout figure and your repayment plan, such as a sale or a bank refinance once your company has a period of on-time repayments behind it. Ask the bank how your company's credit file will record the default once the loan is repaid.

• →Refinancing a lender that has issued a default notice

It can. A discharged bankruptcy is one of the things we see on files we approve. The company is the borrower and the property it owns is the security, and what we assess is the equity inside 70% of the property value and how the loan will be repaid. The limit is an undischarged bankruptcy: we cannot lend while it is still running. Send us your discharge date with the property details.

• →funding after a discharged bankruptcy

Not necessarily. Anything registered against the title has to be cleared at settlement, so the loan has to cover the amount needed to remove the writ as well as the purpose of the loan, within 70% of the property value. Ask the creditor's solicitor for that amount in writing and include it in what you send us.

No. A run of recent enquiries from applications declined elsewhere is one of the things we see on files we approve, and there is no minimum score in our assessment. What decides the loan is the property, the equity inside 70% of its value, and how the loan will be repaid. Ask your broker to send us the property details and the reason each lender gave for declining.

No. Paid and unpaid defaults are both things we see on files we approve, and a default on its own does not decide the loan. Whether to pay it is your decision, and it does not have to happen before we lend. Send us the property details so we can look at the equity and the exit.

No. A former debt agreement that has run its course is one of the things we see on files we approve. The company is the borrower, and the office property it owns is the security. We look at the equity in that property inside 70% of its value and how the loan will be repaid. The credit report is read once, early, as context.

No. A thin file, or no file at all, is common for newer companies and is one of the things we see on files we approve. The company is the borrower, and your industrial property is the security. Bring the company's details, identification for each director, and a recent rates notice for the property to the first call.

An accountant declaration or six months of business bank statements covers most files. We do not ask for full financial statements or tax returns on a loan secured by property, so two loss-making years do not decide the loan on their own. What we look at is the property, the equity inside 70% of its value, and a documented exit, such as a signed sale agreement or a term sheet from an incoming lender.

No. We do not model monthly income the way a bank does. The loan is repaid by a sale or a refinance inside 1 to 24 months, so that sale or refinance is what we assess, along with the property and the equity inside 70% of its value. Bring evidence of the exit to the first call, because on our file it carries more weight than your monthly figures.

• →a bank decline on serviceability

About $29,875 over six months. $500,000 at 11.95% p.a. is $59,750 a year, so six months is $29,875. That is at our starting second mortgage rate. Your rate depends on the property and the exit, and is confirmed once we have seen both.

No. A default on its own does not decide our loans, so there is no need to wait. We cannot remove a default from a credit file. Only an incorrect listing can be corrected. If you believe a listing is wrong, raise it with the business that listed it, which you can do yourself. Meanwhile, send us the property details, because the equity and the exit are what we assess.

Yes, provided you can offer real property as security and the loan is for a business or investment purpose. Secured Lending funds borrowers carrying defaults, judgments, arrears and ATO debt every week. The credit file is context. What decides the application is whether the equity in the security property sits inside 70% LVR, and whether there is a documented event that repays the facility.

The same as anybody else. We lend from $250,000 to a maximum of 70% LVR, and a damaged credit file does not lower that ceiling. What sets your figure is the assessed value of the security property and any debt already sitting behind it. On a second mortgage, the 70% is the combined position across the first and the second.

Rates start from 9.7% p.a. on a first mortgage and from 11.95% p.a. on a second. A messier credit history can move the rate, because more weight falls on the exit when the trading record cannot carry the file. Where the exit is documented and close, most borrowers with credit issues price in line with everybody else. Every cost is set out in the letter of offer before you commit.

No. There is no score below which we stop reading, and no score that guarantees approval. We pull a credit report because it tells us what pressure you are under and who else has an interest in the property, both of which shape how the facility gets structured. It is information, not a gate.

A decision in hours, and settlement within 24 hours on a clean file. A poor credit history does not slow that down, because the report is read once, early, and never sits in the settlement path. What does affect timing is the number of titles, whether a company or trust needs resolutions, and how quickly payout figures come back from an existing lender.

Not from us. Every facility we write is secured by a first or second registered mortgage over residential, commercial or industrial property, and that security is the reason we can be relaxed about credit history in the first place. Where there is no property available, whether held by the business, a director or a related trust, we are not the right lender for you.

No. Every facility is for a business or investment purpose, and you will be asked to declare that purpose in writing before settlement. Business purpose lending sits outside the National Credit Code, which is part of what allows the flexibility on credit history. Using the funds for personal or household spending would put the loan in the wrong regulatory category.

Tell us early. Terms run from 1 to 24 months and extensions are considered case by case, but the options narrow sharply once a facility is already past its expiry. If your exit is slipping, contact us while there is still time to arrange something. The worst outcome on a file like this is silence, because it turns a solvable timing problem into an enforcement problem.

Yes. We assess the property and the repayment plan, not a credit score, which is why we can fund deadlines such as an ATO debt or an expiring loan with defaults on file.

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