Frequently Asked Questions (FAQs)
We pride ourselves for our speedy and thorough initial due diligence of the loan application.
We strive to review and provide a response to all applications within a couple of hours; however, this period may be longer depending on the complexity of the scenario (i.e., part complete construction sites, multiple property securities)
We have taken away the time delays typically found in this industry which allows us to assess and settle loans in 24 hours.
The two things that slow down a short-term loan deal that are outside the borrowers control are valuers and 1st mortgagees so you need to know the lender’s process for each.
Many lenders say they can fund in 24 hours but if their process is conditional on external valuations, this is virtually impossible.
Unlike most other short term lenders, we have an expert property team who complete all our valuations in-house prior to a formal offer being provided. This allows us to deliver term sheets that aren’t contingent on an external valuation being completed.
Check out our process: Lending Process
Check out our Application Guide which will tell you all the information we require to assess the loan application, at approval phase and when you meet with your solicitor.
Short term loans are used by borrowers to meet funding needs where a mainstream lender can’t assist. This could be due to inability to meet the funding deadline, limitations on loan purpose or the current business status and trading activity.
Some of the most frequent uses of short-term finance include:
- Cash flow difficulties and/or timing
- Business growth and opportunities
- Urgent settlements
- Partly completed developments
- Outstanding tax payments
- Working Capital.
Yes, all our loans are secured by registered mortgages and/or caveats. We may also take a General Security Interest over the Borrowing entity.
Be careful with this one – some lenders will chase borrowers for significant costs even if the deal doesn’t proceed. Read the indicative offer carefully as fees can be payable even if it is the Lender who withdraws from the offer. This is often due to external valuations obtained not stacking up.
Where possible, insist on paying for the valuation fee only. Make sure to read the offer thoroughly and don’t sign a term sheet until all conditions precedent to the loan are satisfied or that such costs only become payable if you withdraw from the loan.
If a lender won’t let you do that then ask yourself why?
Unlike other lenders, our application fee is only $2,000 and is only payable upon execution of the letter of offer.
Upon receipt of the application fee, we are able to proceed with transfer of funds into our trust account, instruct our solicitors to prepare legal documents, conduct an on site attendance and any other tasks required to settle the next day.