At Equity Tap, we get a lot of questions from clients and potential clients. We understand that it can be difficult to know who to trust when it comes to small business finance, and that’s why we want to answer some of the most Frequently Asked Questions we get. In this blog post, we will answer some common questions about short-term loans, non bank lending, and the application process.
If you have any other questions, don’t hesitate to contact us! We would be happy to help.
Q: What is a Short Term Business Loan?
A short term business loan is a loan that is typically repaid within 12 months. These loans are often used for working capital, and can be either secured or unsecured. Short term loans can have higher interest rates than long term loans, but they can also provide quick access to funding. At Equity Tap we have a range of options that utilise equity in real estate or property to secure the loan and offer you fast access to finance.
Q: What is Non Bank Private Lending?
Non bank private lending is a type of financing that is provided by private investors, rather than banks or other financial institutions. These loans can be used for a variety of purposes, including working capital, equipment purchases, and real estate. Private lenders typically have more flexible underwriting standards than banks, which can make them a good option for small businesses. Here at Equity Tap we are a non bank lender and it is our goal each and every day to give business owners and investors immediate monetary access to the equity which is locked up in their real estate assets without slow service, hidden fees or unreliable funding.
Q: How long does the application process take?
The application process for a short term business loan can take as little as 24 hours. Once you have submitted your application, one of our loan specialists will work with you to get all the necessary documentation. We understand that time is of the essence when you’re running a business, so we work quickly to get you the funding you need.
Q: What are the interest rates for short term loans?
Interest rates on short term loans vary depending on the type of loan and the lender. At Equity Tap, we offer competitive rates that are tailored to meet your needs, from 1.5% per month.
Interest is Pre-Paid for up to 6 months, so you don’t have to pay a cent during the first 6 months of the loan term.
Q: How much can I borrow?
The amount you can borrow depends on a number of factors, including the value of your collateral and your ability to repay the loan. We offer loans from $100,000 to $10 million and our loan specialists will work with you to determine the amount you can borrow based on your specific situation.
Q: What are the repayment terms?
Repayment terms vary depending on the type of loan and the lender, but short term loans typically have repayment terms of 12 months or less. At Equity Tap, we offer flexible repayment options that can be tailored to your needs from 1 to 12 months.
Q: What are the fees associated with a short term loan?
Fees associated with a short term loan can vary depending on the type of loan and the lender. At Equity Tap, we offer loans with no hidden fees or prepayment penalties. From 1% of the loan amount plus standard legal costs. These costs are capitalised into the loan, so you don’t need to pay them up front. There are no valuations feed because we do not do valuations. Ever!
Q: What businesses are eligible for a loan with Equity Tap?
All types of business owners can Equity Tap:
- Sole Traders
- Partnerships
- Companies
- Property Purchases
Q: What are the Equity Tap eligibility requirements?
There are a few, but all of which are easy for you to provide:
- Have sufficient equity in real estate
- Have a company or ABN
- Be an Australian Citizen or Permanent resident over the age of 18
- Be borrowing against a property in Australia or New Zealand
- Have a government ID, such as a passport or drivers licence
Q: Where in the Australia can I access Equity Tap loans?
We can lend in most postcodes in every state and territory in Australia, as well as in New Zealand. However, there are some areas where we don’t lend. These include very rural areas, areas with large acreages, or where the population is low.
Q: What documents will I need?
Once your loan is approved we will ask you to provide:
- A rates notice for each property
- Photo ID for each person on title
- A recent Mortgage Statement
- If your property is owned by a Trust you will also need to provide a certified copy of the Trust Deed
Q: If I am purchasing a property, what documents will I need?
Once your loan is approved we will ask you to provide:
- A copy of the Contract of Sale
- Evidence of paid deposit
- Evidence of remaining funds to complete purchase
- If residential, property must be purchased in a company name
Q: What if I have bad credit, can I still get access to finance?
Our fast, secure, and flexible process taps into your equity without the need for valuations, credit checks or financials. Business Loans are now easier than ever to attain with Equity Tap.
So, stress less about your credit rating and talk to us about tapping into your equity. When you need money, it’s our mission to provide you with fast flexible finances so that you can continue to grow and enjoy your business.
Q: How quickly can I get access to funds?
At Equity Tap, we offer loans with quick turnaround times so you can get the funding you need when you need it. We can deposit your funds within 24 hours.
Q: How do I apply for a loan?
Applying for a short term loan is easy! Simply fill out our online application form, it only takes 2 minutes, and one of our loan specialists will be in touch with you to discuss your options. Simply click here to Apply Now.
We hope this has helped to answer some of your questions! If you have any other questions, please don’t hesitate to contact us on 1300 123 024. We would be happy to help.