With so many different financing solutions available to small business owners, it’s hard to pick the solution that’s best for you. Some solutions are meant for long term purchases while others are meant for day to day working capital. This is why it’s important, even critical you work with a Lending Adviser who can provide you with the guidance and expertise you need.
A popular form of financing that will give you quick access to capital is a Bridge Loan. A Bridge Loan is meant to “bridge” a gap, whether it be a cash flow gap caused by slowing paying customers or a cash flow gap while you are waiting for long term financing. Either way, a Bridge Loan can be a great solution for your short-term needs.
Short-term needs require short-term capital, which is why Bridge Loans typically have terms that range from 3 months to 18 months. The following are 4 reasons why you should apply for a Bridge Loan.
Bridge Loans are not only short term in nature, but they also come with a short application process. The process when applying for a Bridge Loan normally is between 24 and 48 hours.
Financing for your business can be in place in as little as a few days. By having an option like a Bridge Loan, you have the ability to make quick decisions and acting on them, knowing that capital will be available to you. By having this flexibility, you can purchase new inventory, buy new equipment, hire new employees, or promote a new marketing campaign.
With speed also comes flexibility. Flexibility is an important benefit that comes with a Bridge Loan. This feature enables you to choose a term and a dollar amount that is best suited for your business. By having different term options, no prepayment penalties, and varying loan amounts, you have the ability to pick the solution that is just right for you.
Low Documentation Requirements
The most frustrating aspect when applying for financing is the constant requests for documentation. Sometimes it feels like there’s no end in sight and when you arrive at the end, another document is requested. With Bridge Loans, it’s the opposite. With one simple application and 6 months of bank statements, you can have a Bridge Loan approved and funds wired to your bank account. Bridge Loans traditionally avoid the usual bank processes, thereby enabling you to focus solely on growing your business.
Hotel Bridge Loan Quick Repayment
A major benefit of Bridge Loans are the short terms and quick repayment periods. When using short term financing, you want to be sure that it is being used for short term need, and ask yourself why borrowing money over 5 years for inventory that you are going to sell in 6 months is a wise choice for you?
Having a quick repayment will enable you to cycle through cash and avoid having long term debts on your balance sheet. At the same time, when you are purchasing equipment that has a 5 year life span, you should use a 5 year Equipment Loan!
If you’re interested in learning more about Bridge Loans, our expert lending advisers can help you.
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