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Getting a loan isn't the only means of commercial finance open to many businesses. We can help you to decide whether or not a business loan is the correct type of finance for your company, but it may help you to read this guide.
Business loans and commercial mortgages are similar in that the lender will usually look for security for the loan - this could be based on company assets, such as the commercial property, or the company owner's assets such as their home. A business loan based on the company's assets In addition, a business loan based on the business will look for at least 3 years of books available as security.
Another barrier to a business loan being granted is whether or not the applicant has any CCJs against them. Occasional defaults on loans can be overlooked (they will be questioned) if they are just that - occasional and irregular but for a CCJ to have been made the applicant would be deemed to be a very bad risk.
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