The relationship between merchant lenders and business owners is not an ordinary one. Businesses need quick cash advances at some times to solve an emergency or even expand. In fact, it is easier to get a merchant cash advance canada when you get a reliable lender. So, if you are wondering why these lenders are crucial to the business, then the following points will help you understand more.
Why merchant lenders are crucial to businesses
They offer fast loans access
Whether you are looking for urgency funds and capital to start any business, you definitely need fast access to loans. It will help you solve the urgent need at hand and have enough time to solve other important matters. Well established merchant lenders do understand how crucial it is to avail the finance fast to a business person. In most cases, the approval will take a day or two with access to the approved amount following shortly after.
Reliable financing partner
If you are looking for a financing partner to help your business grow, then create a relationship with a merchant lender. Their aim is not to provide you with a one-off financing solution. Rather, they want to be by your side and offer financial help whenever necessary. All they need is a business which will make all efforts to repay in agreed terms and conditions without fail.
Lower and stable lending interest rates
While other financiers like the banks and microfinance keep on hiking their interest rates, merchant lenders keep them at low rates. In fact, it is possible to negotiate convenient interest rates depending on various factors like the amount repayment period and any other. Additionally, they will not keep on changing the lending interest rates like banks do with an excuse of the inflation rate.
Flexible repayment plans
With an understanding that businesses revenue change each month, they allow room to renegotiate the repayment rates either on the higher or lower side. All a business person will need to do is notify in time when they realize the need to do so. Therefore, one will not feel tied to a static repayment plan which can be straining at some point.
From the above-discussed points. It is evident that merchant lenders make an important part of businesses. Whenever possible, a business needs to create a permanent relationship with one rather than having too many. Such a lender will understand all your needs and provide customized services.…
Many homeowners find that after some years they require modifications or additions to their house. Many factors can lead to such a need, and they include wear and tear to the house or the family growing and require more space. In such situation homeowners may be in need of some financial assistance. There is a form of financing that can be taken for such situations and this is the FHA 203k loan.
What is the FHA 203 loan?
This is a special provision in the financial industry that gives homeowners a loan based on certain guidelines and the changes or repairs that ned to be made to the house. You can get more information and assistance from the best 203k lender if you are considering this option.
The loan as mentioned above is divided into two categories, let us take a look at them separately.
The Standard 203k loan
The standard 203k loan is an option provided by the Federal Housing Administration (FHA) for more complex renovations or changes that need to be carried out on a house. The FHA keeps a list of the renovations that fall into this category, and they are given below.
- Relocating and moving load bearing walls
- Addition of rooms
- Repairing structural damage to a house
- Property landscaping
It is meant for repairs that exceed $35,000 that need to be carried out on a house.
The Streamlined 203k loan
The repairs that come under this category are minor and for those that are below $35,000. The documentation and paperwork requirements for this loan is easier and loans are dispersed faster.
Here is the list of changes or repairs that come under this category.
- Repairs and replacement of heating and cooling systems
- Repair or replacement of electrical or plumbing
- Replacement and repairs to the roof and associated systems
- Repair to flooring
- Purchasing of kitchen equipment such as ovens, refrigerators washers, etc.
- Interior and Exterior painting
- Window and door replacement and many more minor repairs or upgrades
Where to get these loans?
There are many lending institutions that will help borrowers in getting these loans fast and quick. The contractor who gives the quotation for the repairs or upgrades will have to fund all the changes, and once they are complete, a representative from the lending institution will visit the house and inspect everything to ensure all the changes are done according to the estimates and will then release the funds directly to the contractor.…