Are you a business owner in need of working capital? Do you have an asset with positive equity?
If yes to both, you qualify for asset-based lending. Let’s say that your personal home has $200K in positive equity and your business needs $50K. We’ll find a lender that will place a lien on the property and give your business the $50K at an attractive rate. The lender is very comfortable with this financial format because of the collateral involved.
As the debtor, you don’t have to be afraid for your asset either. If you’re slow on your payments to the lender, they’re not going to immediately go after your asset. It’s difficult for them to do so quickly and brings significant legal expense.
This is a great form of financing for business owners fortunate enough to have an asset with positive equity. Inquire today with any and all questions. We’re here to help.