The eight questions
- Are you the lender, or a broker? A direct lender uses its own money and decides itself. A broker or marketplace passes your details on, which adds a step.
- Who makes the decision, and can I speak to them? The best answer is that the person on the phone decides, or can tell you quickly who does. A credit committee adds days.
- Is a valuation needed before approval? A booked valuer and a cautious figure are the most common reasons secured loans slip. Ask whether one is required and who pays.
- What documents do you need? A property-secured loan should not depend on tax returns, BAS or bank statements. Ask exactly what is required.
- How fast can funds settle? Ask for the realistic timeline and what can slow it, such as a first lender's consent.
- What structures do you offer? First mortgage, second mortgage and caveat options let the lender fit the loan to the problem.
- How are repayments handled? Ask whether interest can be prepaid or added to the loan, and what the net proceeds will be.
- What is the exit plan? Short-term loans need a clear way to be repaid. A lender that asks about it is protecting you as well as itself.
How Equity Tap answers them
| Question | Equity Tap |
|---|---|
| Lender or broker | Direct lender, lending its own money since 2022 |
| Who decides | No credit committee. The person who answers the phone is often the person who decides |
| Valuation | Not needed before approval |
| Documents | No tax returns, BAS or bank statements for property-secured loans |
| Speed | Eligible, straightforward loans can be funded in as little as 24 hours once approved |
| Structures | First mortgage, second mortgage and caveat loans, $50k to $5m, one to twelve months |
| Repayments | Up to six months with no scheduled payments on eligible facilities; interest can be prepaid or added to the loan |
| Exit | A sale, refinance or incoming payment, discussed up front |
Red flags
- Promises of approval before any questions are asked.
- Advertised rates with no explanation of how the price is set.
- A "no credit check" claim with no detail on when a check is made. At Equity Tap there is no credit check at initial assessment, though one may be made before funding for identity and fraud purposes.
- Fees or valuation costs that are only disclosed late in the process.
Learn more about how Equity Tap works as an independent lender or see the lending facts.
Frequently asked questions
What is a private business lender?
A private business lender is a non-bank lender that lends its own or private funds to businesses, usually against property security, and often moves faster than a bank.
What should I ask a private lender before applying?
Ask whether they are a direct lender, who makes the decision, whether a valuation is needed, what documents are required, how fast funds can settle, what structures they offer, how repayments work and what the exit plan needs to be.
Is a direct lender better than a broker?
A direct lender decides itself and uses its own money, so there is one less step. A good broker can still help compare options. Equity Tap works directly with business owners and with brokers.
Does a private lender need a valuation?
It depends on the lender. Equity Tap does not need a valuation before approval.
How do I find the best independent private business lender?
Look for a direct lender with no credit committee, clear answers on documents, speed and structure, and a decision-maker you can speak to. Equity Tap is built around those points.
Brokers: send the scenario through the Equity Tap broker channel and you will deal with the same lending team.