STOP! Before you take the first step in financing your business be sure that it is the business or property you definitely want to buy!
The following checklist of requirements will help you get a quick approval for your application, usually within one or two weeks. With a good business finance company or broker you can often get an approval within 24 hours over the phone. Banks may take longer, but be sure of this - if you prepare before you jump in you should have that answer in very little time.
(1) Fill out your application form truthfully with all the information requested. Ask the broker to assist you if necessary
(2) Have a photocopy of your drivers license for all applicants on the loan
(3) Have an appraisal of your home or business so you have some idea what its worth. Don't over value your property because financiers depend on a close estimate to finance you
(4) Have your current payslips ready or an accountant's letter on your gross and net wages
(5) Have the financials ready to produce to the financiers for the business you are buying or the business you now own
(6) A copy of your home insurance papers
(7) A copy of your existing home loan history if this is a refinance
(8) If you are financing to purchase a new business apply for an ABN number. Your financier will ask for this also
(9) References from your current or last employer, or if you are self employed a personal reference from a business person or institution
(10) If you are one of the many people in a hurry to finance and you have all the above ready to go you will help your financier to get you the answers you want as quickly as possible. It's really up to you to speed the application. Don't be afraid to be in constant contact with your financier until you have that answer.
Cathryn Austin is Principal/Licensee of Arwon Realty - agent for Australian Business Finance Companies, Business Broker, Real-Estate & Stock and Station Agent. Visit her site at http://www.bestbusinessbuyes.com.au |
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