24 hour business loans: funded in as little as 24 hours

Most “fast” business loans are only fast for small amounts. Ask a cash-flow lender for $400k and the answer is often a polite no, or an offer for a fraction of what you need. A 24 hour business loan works differently, because it’s built on the equity in property rather than on your last six months of bank statements.

How a business loan can be funded in 24 hours

Speed comes from security. When a loan is backed by residential or commercial property, the lender isn’t trying to predict your next twelve months of trading. It’s looking at a few simple things: the property, what’s owed on it, what the money is for and how the loan will be repaid.

That’s why the process can move so quickly:

1. You enquire. The form takes about 60 seconds and there’s no credit check to enquire.
2. A lending manager calls. In business hours, an experienced lending manager usually calls within 30 minutes with an indicative answer.
3. Conditional approval. You’ll need photo ID, the property’s latest rates notice and your latest mortgage statement. The approval spells out every detail, including all costs, before you commit.
4. Due diligence and documents. Once you sign the approval and return your supporting documents, searches are done and the loan agreements are issued.
5. Funds in your account. Sign the agreements and the money can be in your account in as little as 24 hours.

There’s no valuation to wait for. That one step alone can save a week or more compared with a bank.

What you can use a 24 hour business loan for

Anything with a genuine business purpose, including:

• Paying an ATO debt before it escalates
• Buying stock or equipment for a big order
• Paying a supplier, a deposit or a settlement shortfall
• Covering payroll or a cash-flow gap while you wait on a big invoice
• Buying out a partner, or buying a business
• Paying out expensive daily or weekly repayment loans
• Bridging the gap while a bank refinance or property sale comes through

Who it suits

A 24 hour business loan suits business owners who:

• Own residential or commercial property with equity in it, personally or through a company or trust
• Need between $20k and $5 million
• Can’t wait weeks for a bank, or have already been knocked back
• Have been told no by a cash-flow lender, or offered far less than they need

You don’t need perfect credit or two years of financials. Past credit issues and ATO debt are considered case by case.

Flexible terms that work around your business

Fast doesn’t have to mean rigid:

• Up to 6 months with no repayments. The interest can be added to the loan, so the cash stays in your business while you need it most. You can also prepay the interest if you’d rather.
• Repay early at any time. If a big payment lands or you refinance with a bank, you can pay the loan back early.
• Extend if you need to. If a sale or refinance is delayed, you can keep the loan for longer, without penalties.

How the security works

In most states the loan can be secured by a caveat over the property, which is quick to lodge. In New South Wales and Queensland, a second mortgage is used instead. If you have no mortgage at all, the loan can be a first mortgage. Read more on second mortgage business loans, first mortgage business loans and caveat loans.

Get ready tonight, funded tomorrow

The fastest deals are the ones where the paperwork is ready before the first call. Tonight, find your property’s latest rates notice and mortgage statement, take a clear photo of your driver’s licence, and write two lines on what the money is for and how you’ll pay it back. Our property documents checklist shows you where to find each one.

Then send the enquiry. It takes about 60 seconds, and a real person picks it up.

What makes a deal slow down

Most delays come from the same few things, and nearly all of them can be sorted before the first call:

• A missing signer. Every owner of the property needs to sign. If a co-owner is overseas or hard to reach, tell your lending manager straight away so documents can be arranged to suit.
• An unclear purpose. “Working capital” is fine, but “clearing a $180k ATO debt and paying two suppliers” gets a faster yes.
• No exit plan. Write down how the loan will be repaid: a bank refinance, a property sale or a contract paying out.
• Old statements. Use your latest mortgage statement and the current rates notice, not last year’s.

Get those right and you give yourself the best chance of funding in as little as 24 hours. Start your enquiry when you’re ready.