FAQ. All you need to know
Equity Tap Essential Information
I’ve completed my online application, what’s next?
After submitting your short term business loan application, our system will send you live updates, so you are never left wondering. Of course, our friendly staff are always available on the phone during business hours too.
Yes! Equity Tap fund business loans as either 1st Mortgages, 2nd Mortgages, and we will even fund using a caveat to secure the loan. So we will still be able to secure your loan against your property even if there is a bank 1st mortgage already on the title. Our 2nd Mortgage or Caveat sits quietly behind your current 1st Mortgage.
No! We don’t need to see cashflow records, or Profit and Loss Statements, or Tax Returns. As long as the loan is for a business or investment purpose, and you have enough equity in your property, Equity Tap will fund you in 24 hours.
YES! We fund new business ventures all the time. As long as the loan is for a business or investment purpose, and you have enough equity in your property, Equity Tap will fund your new business venture in 24 hours.
Pre-Paid interest is where we calculate the interest for the loan term you have requested. Then instead of asking you to pay it each month, we add it all up for the number of months of the loan, and add it to the payout figure at the end. This is great news, as it means you don’t have to service the Equity Tap loan each month.
Yes we certainly can, and we do! The only condition is that you also move nice and quick, like we do. This means promptly signing your Term Sheet and paying the small Assessment Fee, and promptly getting the supporting documents emailed to us. Plus it is also based on you signing your loan contracts within an hour or two of us issuing them.
We move mountains for our customers, however we should stress that we cannot be liable for any delays that are beyond our control.
Equity Tap business loans are extremely flexible, where you can repay the loan early at any time. Not only will you save on interest, there are no early repayment penalties either. That’s another thing that sets us apart from most other private business lenders.
Yes, to approved applicants, we can issue an approval in 1 business hour. Your approval is known as a Term Sheet and it will be sent by SMS and email for you to read, and digitally sign.
However in order for us to be able to issue an Approval, we will need to have a quick chat after you have applied online. So it is therefore very important that we can reach you by phone after you have submitted your application. Our 1 business hour commitment commences from the time we have spoken with you.m
Pretty much, yes. We will lend against real estate located in any town or city with a population greater than 10,000 people.