Need business finance but aren’t a homeowner?5th January 2017
When applying for finance one of the questions you may encounter is ‘Are you a homeowner?’ Although this may seem like a trick a question, it really isn’t – honest! This is just one of a series of questions we must ask at Rangewell as part of the ‘getting to know you’ process.
Can I still acquire finance without being a homeowner?
Yes, you absolutely can!
Of course, being a homeowner is advantageous, but it’s certainly not the end of the line. There are still plenty of financial solutions available, ensuring the viability of your goals and aspirations. Ok, sure, lenders do tend to favour homeowners because of the reduced risk to themselves.
However, if you’re passionate, determined and have the strength of your convictions then there’s certainly no reason why you can’t succeed.
What can I apply for?
Because of the risk factor, your business may be locked out of some products – but not all. We can source plenty of potential lenders who are willing to lend to non-homeowners, such as yourself. Ultimately, it comes down to what you need it for.
Lenders understand there is always a degree of risk, but seek to reduce it wherever possible. If you’re applying for a financial product seen as being in the higher risk echelon, lenders may require a personal guarantee and for checks on all of your company’s directors. In such situations, ensure that your business is able to display:
- A static turnover
- A decent net-worth
- Reliable customers and trade
- Good invoices
- Steady growth
We understand finding the ideal financial solution for your business can be a daunting and often tiresome task. With so many products available you can be forgiven for not knowing which way to turn. This is why our services are becoming an indispensable part of seeking business finance.
We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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