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Term business loans are standard commercial loans with a lump sum provided to the borrower, with the small business repaying (usually monthly) until the maturity date ranging from 1-25 years. Nearly all commercial lenders use some sort of term loan financing product complete with an amortization schedule.
Some of the commercial lenders that offer term loans include:
With traditional loans lack of availability to small and mid-size companies, there’s been an explosion of alternative lending solutions over the past few years.
These lenders have many forms, loan sizes and loan types for just about every commercial industry. While large banks approve roughly 20% of small business loan requests, and small and community banks approving 40%, alternative business lenders have approval rates over 70%.
Some of the types of alternative business lenders include:
Unlike with traditional bank financing, alternative lenders have a quick approval process which usually takes hours if not just a day. On top of that, the funding time for a mid-prime alternative loan is usually 1-2 weeks (provided the borrower provides all requested documents for underwriting in a timely-fashion).
What sets mid-prime commercial lenders apart from other lenders is the ease with which they make the funding process. Oftentimes, the entire process can be handled online and with a few emails, and a phone call during funding.Get Started
The SBA lending programs offer new and existing businesses access to bank-rate financing when traditional financing options aren’t available.
The SBA helps increase the availability of bank financing to small companies by guaranteeing the lenders will be paid-back even if the borrower defaults. By reducing the risk to the commercial lending institutions, the the banks are more inclined to finance the business.
Use of funds for SBA loans include:
A line of credit is the pre-approved financing immediately available to a business in which the lender will monitor and adjust upwards or downwards based on the company’s cash-flow.
A line-of-credit is a useful tool in the sense that financing is readily-available like a credit card, but with a much larger facility size to draw on, and with much lower interest rates.
There are a number of line-of-credit programs offered by traditional banks, private investment banks, mid-prime alternative business lenders, and even some merchant cash advance lenders.
A line-of-credit can be obtained on an unsecured basis (usually based on the company’s financial performance and creditworthiness) or on a secured basis (based on a company’s assets).
Much of the time a line-of-credit will be secured by a company’s accounts receivable and the lender will then monitor the activity and adjust the line upwards or downwards. Some lenders (as SBA lenders) will offer interest-only LOCs where the total amount is repaid at the end of the term.
Other commercial lenders require principle payments months, weekly and even daily.
The key for any business seeking a line-of-credit is to find a commercial lender that provides a facility that matches what is needed now, and what you project in the future.
Asset-based loans and lines of credit are specialized commercial financing instruments that monetize a company’s assets on their balance sheets in return for financing.
Asset based loans are crucial funding for businesses in cyclical or seasonal industries that have ups-and-downs in cash-flow.
Most common form of asset based financing is the use of accounts payable as collateral from a bank or other commercial lender for a line-of-credit or other facility. With that having been said, a company can use just about any of its business assets to secure a loan from an asset based lender.
Some of the asset based business lenders we work with are:
The upside of asset based financing is a company can leverage the net worth of their assets to obtain financing they wouldn’t be able to receive otherwise. The downside is the fact the lender will have a lot of control over those assets, and may request audits to help ensure the value of that asset is consistent with the size of the financing facility.Get Started
Working capital is the availability of cash-on-hand, accounts receivable and inventory vs. all other short-term liabilities. If a company has an immediate working capital shortfall that they need to bridge, there are a number of working capital financing options available to both small and medium-sized businesses.
While working capital options are available everywhere, the key is finding the right working capital solution to provide the right size facility to cover your needs now and in the immediate future.
Working Capital Financing Sources Include:
Merchant Cash Advances (sometimes called a MCA or Business Cash Advance) are a type of financing in which a commercial lender purchases an upfront portion of a company’s future credit card sales and/or bank deposits.
After purchasing the receivables, borrowing company receives funding and agrees to pay back the advance amount plus an additional percentage based on a factor rate.
There are a number of merchant cash advance lenders and programs with varying structures. Approval rates for some merchant advance companies are well over 90% while others have stricter standards. The merchant advance lenders with the highest approval rates tend to also have higher rates that reflect their risk.
Factor rates (amount borrowed + interest) can range anywhere 1.16-1.55 depending upon cash-flow of the company, credit profile and industry.Get Started
Commercial real estate is property used for the purpose of generating profit (including office, industrial and retail). Commercial real estate loans are a type of financing that is secured by commercial real estate in return for a cash payment.
Generally, a lender will provide a loan based on 60-80% of the worth of the commercial property (although this percentage can be lower if the property is used in a 2nd position loan).
When looking for a commercial mortgage banker for financing, there are a number of programs to choose from, including:
Invoice Financing (also called “Factoring”, “Invoice Discounting” and “Invoice Finance” is the sale of accounts receivable to third party lenders at a discount.
A third party forwards around 80% to the business, and then forwards the remaining 20% when the purchase order is paid (minus a fee).
While factoring may seem identical to accounts receivable financing, its actually quite different in the fact that factoring companies actually buy the accounts receivables and invoices, accounts receivable lenders don’t actually take control of the accounts receivables, they just simply use them as collateral for financing.
Another major difference is how payments from the accounts receivables and invoices are collected. With an A/R based lending the lender doesn’t actually take an active role in collecting accounts receivable payments or invoices. Whereas with factoring, the factoring company takes control of the A/R and/or invoice, and collects on such invoices directly.
Because of the active role the factor takes in collecting the invoice, and because of the inherent risk involved, factoring financing tends to have higher interest rates than that of account receivable financing.Get Started
Bridge financing is a short-term commercial financing used until a company obtains longer term financing from a lender or payment from costumers.
While bridge loans are often associated with commercial real estate financing, they are often used to bridge the difference for working capital purposes.
Bridge loans can be used for a number of different uses, including:
Many bridge lenders require a minimal amount of documentation for underwriting and due diligence, but because of the increased risk associated with these types of loans, the rates tend to be higher than traditional forms of financing. Since bridge loans are used to bridge the gaps in financing, the terms associated tend to be under a year.Get Started
Commercial refinancing is the paying off one business loan with the proceeds of new business loan, or the extension of the maturity date of an existing business loan.
The purpose of refinancing is to reduce the interest payments and monthly debt obligations with a more manageable rate and term. By reducing the monthly debt obligation to a more manageable debt service level, a company can then free up additional cash to use as the company sees needed, or to simply increase profit.
Some of the types of loans that are used for refinancing include: