Running a Business is difficult and sometimes certain circumstances can mean you may fall behind in your taxes or have other credit issues that can hold you back. We are proud to be Australia’s Business loans specialist especially when it comes to refinancing of tax debt or obtaining finance with previous credit issues.
Why Would You Want to Borrow Money to Refinance Tax Debt or With Credit Issues?
There are many benefits to borrowing money to refinance Tax Debt or get a loan with Credit Issues as there are also some points to be aware of:
Once you have an existing tax debt or previous credit issues it will be very difficult to access funding from mainstream lenders which can hold back your business’s growth.
Tax debts that remain unpaid or payment plans that are not met can cause the company to be put into liquidation by the ATO to recover their outstanding tax. Being able to refinance this debt can alleviate the pressure of the ATO collections and allow the business to focus on growth and successful operation.
Credit Issues can make it difficult to obtain finance from mainstream lenders to grow your business even though it may have been an issue from years ago. Non-conforming lenders provide the access to capital that businesses may need to grow and survive.
Depending on the nature of the application it is possible to payout bankruptcies, ATO debts, unpaid judgments or defaults or other similar situations.
Some things to keep in mind:
Non-Conforming lending will also require sufficient equity in residential or commercial property to secure the new loan facility.
Interest rates and fees are higher than mainstream lending however where faced with involuntary liquidation by the ATO or not being able to access capital to grow this can be a welcome compromise.
Non-conforming lenders are usually a short term solution designed to get a business or borrower back on their feet so they can then refinance back to a mainstream lender in the future.
You should speak with an experienced Commercial Finance Broker such as Edgeview Finance to discuss your situation and specific needs so a tailored solution can be arranged for your individual circumstances.