Archive for the ‘Commercial Lending’ Category

Macquarie Leasing have just announced the launch of a new Commercial express product that covers motor vehicle deals for eligible commercial clients without the need to provide financials subject to meeting the following guidelines:

• Passenger cars or commercial vehicles up to three (3) tonnes
• Maximum loan amount (including brokerage, insurances etc) of $70,000 (if the client is not a property owner, then the $70,000 is after a minimum 30% deposit)
• New and used vehicles up to four (4) years old
• Supplied via a licensed dealership (no private sales)
• No negative equity to be financed
• ABN held for a minimum of 24 months by applicant (in acceptable industry)
• Verified property owner with minimum of $100,000 equity (if the client is not a property owner or doesn’t have this equity, then the 30% deposit is required)
• Satisfactory Veda Report on applicant and guarantors
• Standard rates, terms and residuals/balloons to apply
• Total exposure for applicant to Macquarie is less than $150,000.

Please note this product is only available for commercial clients where bona fide business use can be verified. Financials may be required if any of the above conditions are not met or if the exposure is greater than $150,000 but if this sounds like something that interests you, then give us a call.

 

Did you know that you can get finance for a car (including utes) up to $100,000 even if you don’t have or don’t want to present financials?

You do need to have had an ABN registered for a minimum of 2 years, must be registered for GST, one Director/borrower MUST be a property owner, must have a clear Credit History, 1 Recent Finance reference and sales must be from a registered dealer (or auction house).

Finance is available for a Loan Term of 24 – 60 months and can have a Maximum Residual up to 50%.

Macquarie Leasing has just announced that their “No Financials” replacement policy has been expanded to now include the following equipment types for loan amounts up to $100,000:

• Passenger Cars, Utilities and Vans
• Yellow Goods – Excavators, Bulldozers, Bobcats etc
• Forklifts
• Commercial Vehicles & Trucks (Excluding Prime Movers)
• Trailers

Commercial clients replacing an existing loan with one of the above asset types will NOT be required to supply financial statements if the following conditions are satisfied:

• The new loan amount does not exceed 120% of the original loan amount for the contract being replaced OR the new proposed monthly payment does not exceed 120% of the monthly payment on the contract being replaced

• The existing finance contract has been established for a minimum of 18 months and the reference obtained is satisfactory to Macquarie Leasing

• Veda/CRAA reports on borrower and/or guarantor are satisfactory to Macquarie

• Goods supplied via recognised supplier OR via Private Sale ( subject to full private sale conditions, fees etc )

If the above criteria are not satisfied then full financials will be required for the application.

The Contract to be replaced may be current or recently paid out (within the last 6 months) and held either with Macquarie Leasing or any other financier/lender.

This is great news for any businesses looking at update cars or other equipment.

Further information is available.

There is even more reason to deal with FinancialPlus now that we have access to a whole new range of commercial finance options.

Until fairly recently, FinancialPlus – a mortgage broker based on the Gold Coast – has focused on home loans for investment properties as well as owner occupied premises but as part of the continuing expansion of the company, this is now changing. The home loans are still available of course but look at the following range of new options:

•  Motor Vehicle Finance
• Plant and Equipment Finance
• Commercial Property Finance
• Cashflow Finance
• Computer Hardware and Software Finance
• Refinance of Commercial Property Loans
• Franchise Finance
• Construction and Development Finance
• Bank Facilities and Restructuring Finance

Because of the different experience and accreditation necessary for this type of finance, FinancialPlus will still act as the client contact for all finance enquiries but will now have access to years of experience with commercial lending through a new association with an expert in the field. This will give clients of FinancialPlus the best of both worlds – they still deal with the same team at FinancialPlus but now have access to even more services.

More information on any of these products can be obtained by contacting Kathy Rogers of FinancialPlus on 07 5564 5903.

One of the new types of finance that Gold Coast Mortgage Broker FinancialPlus has access to is invoice financing – but what is this?

In simple terms, it is finance that allows a business to borrow against invoices that the business has not yet been paid for. It can give you a flexible Line of Credit that can be drawn on when the business needs additional funds.

If you would like to know more about this type of finance, please contact FinancialPlus.