A small business owner wished to purchase stock for the Entity. Financials were not up to date and borrower could not access bank funds. Lightspeed provided a loan secured by second mortgage over the residential property of the business owner within days. The Applicant settled Lightspeed via a refinance of the residential loan once the business financials were completed. Lightspeed assisted the applicant during the refinance process.
The client needed to avert legal action by the ATO due to unpaid tax assessments. The refinance process through his existing bank loan would not meet the time deadlines imposed by the ATO. Lightspeed provided a 3-month bridging loan facility, secured by second mortgage, to pay out the ATO and was settled by the refinance of the loan (with the assistance of Lightspeed during this process).
The client had to settle on a business purchase and his bank did not approve the transaction in time. The client’s transaction was at risk and he approached Lightspeed with a week to go to settlement date. The bridging loan was approved using a second mortgage over his residence and the client settled on time. Business finance approval took a further two months and Lightspeed was paid out.
The borrower required $200,000 as part payment for a shipment of stock. The client approached Lightspeed with a requirement for funds. The transaction was approved with first mortgage security, documented by special arrangement with solicitors over the weekend and funding was provided to meet the client’s deadline. The client refinanced the first mortgage with a bank two months later and settled the Lightspeed loan.
A consortium of borrowers had secured significant lines of bank funding for the construction of a block of apartments secured by the development property itself. One of the bank’s further security requirements was the provision of a $1 million cash deposit to cover the risks of cost overrun on the project. The consortium was able to offer Lightspeed a combination of first and second mortgages over their various properties and the cash lodgement was made. The project was completed on time and in budget and the loan settled out of the financing of the completed development by a bank.
Short term business loan can be applied whenever your business experiences any short term cash shortfall. Funding to bridge any short term cash gap can be gained upon approval, and directed into your nominated account exceptionally allowing you to rectify any impeding situation.
