For individuals who are not looking to buy a property or use their property as collateral for a loan, there are still a few ways to get money when the banks say no.
Equity take out on assets – You can use other valuable assets as collateral for a loan. The typical example is your vehicle. One criterion is that you must own this asset outright.
Commercial Leasing – For someone in business who needs to buy assets for their operation but would rather have it on a rental basis. This eliminates a large capital outlay and improves the cash flow. Also this expense can be written off. Almost anything that is used in business can be leased. Examples include medical and dental equipment, computer systems, telephone systems, restaurant equipment, highway trucks and trailers.
Credit Card Receipt Advances or Merchant Cash Advances – This is for businesses that have been in operation for more than one year and have at least $5000 of credit or debit card billing per month. A loan is given in exchange for a percentage of the future credit or debit card sales.
Business Factoring – This is for incorporated businesses to raise funds by selling the accounts receivables at a discount. This is popular with companies that have long sales cycles or large receivable accounts.
If you are interested in any of these options, please contact us for further information.