Today, and especially as a result of the crisis and the lack of stable employment, there are many who decide to start a business. And doing so is quite complicated. Especially in a country like ours where the entrepreneurial instinct is not as developed as in other regions. And where helps to generate business either.
The first step in getting our business project to become a reality is to have money. And unfortunately sometimes not enough is available to start a good idea or a business that can be profitable.
It is precisely in these situations that financing comes into play through business loans. With these loans we can improve the situation of our company in many ways:
- Creating the foundations of a business
- Betting on the outsourcing of our products or services
- Investing in machinery improvements, etc.
In Point Credit, a company regulated by the Ministry of Health and Consumer Affairs, we are experts in business loans. Our private equity company has been helping entrepreneurs realize their dreams since 2012.
Our flagship product to make our clients prosper are the loans with mortgage guarantee. You just need to have a property to be able to enjoy one of these loans. Through this type of loans you can obtain from a minimum of € 6,000 to amounts only limited by the market value of the property. You will also have 10 years to return it in comfortable terms. Would you like to know more about this product? In that case, read on.
Get capital immediately
- Loans from € 6,000 (minimum).
- No capital limit
- A property is essential as a guarantee.
- Up to 10 years of return.
- Comfortable monthly fees.
- It doesn’t matter Asnef.
- Answer in 1 hour.
- It doesn’t matter payroll even if you are unemployed.
- No upfront payments.
- Lack of up to 5 years.
- We never charge in advance.
- You do not have to justify your income.
Loans for mortgage-backed businesses
One of the financing methods most used by companies to obtain capital immediately is home equity loans. The operation of these financial products is very simple.
- Have a property that serves as a guarantee. In order to obtain one of these loans it is necessary that we have a property. Which must be able to be sold and free of charge. This property will serve as a guarantee so that the lender can offer us money.
- Financing to meet our needs. The amount we will obtain for our future loan is directly related to the market value of the property that we use as collateral. In total Exclusivex Loan may offer you from a minimum of € 6,000 to a maximum that will be equal to 25% of the market value of the property. For this reason, the higher the market valuation, the greater the loan.
- Carry out an official appraisal of the property. As the maximum amount of your loan is associated with the market value of the property that serves as collateral, it is necessary to find out what that value is. And this is achieved through an official appraisal. Which has to be done by a specialized company and regulated by the Bank in Spain. The normal thing is to be the owner in charge of requesting said service. However, in the case of Exclusivex Loan we take care of the entire process. You will not have to worry about anything. Just wait for the answer to know what is the maximum value of your future loan.
What do I have to do to get a business loan?
The steps to follow are simple and easy to carry out. One of the main missions of our company is to ensure that our clients get credit without difficulty for businesses they need. Let’s review below what you have to take into account to request it and make the process even more agile.
- Be of legal age and reside in Spain. Both in the case of Exclusivex Loan and other private equity companies, the applicant must be of legal age and reside in Spain. In fact, certain credit companies will be stricter with this requirement and will establish more advanced ages. For example, some do not grant loans to clients under 25 years of age.
- Be clear about the amount we are going to need and what we are going to use it for. Applying for a loan is a delicate task and you always have to do it with your head. For this reason, from Point Credit we encourage you to make a detailed study of the financial needs of your business to find out how much money you need. Be meticulous when doing it and think about all the possibilities. For example, will I be able to pay it without resorting to a loan with just my billing? If so, it is better that you wait a few months to avoid having to face any new debt. However, if the answer is no, you should go to business loans. Do not forget to make sure that you will be able to return the fees each month during the term of the agreement.
- Get in touch with our experts. If you are already clear about your financial needs and the amount you need is the time to contact our experts. You can do it through the web form or on the phone number 930 130 416. You will always be attended by a financial advisor who will help you solve any doubts and will guide you on the loan closest to your needs.
Continue with the process
- Pre-approval phase of the loan. In Point Credit we are aware that when money is needed, it must be obtained as quickly as possible. For this reason we do not like to waste our customers’ time. Unlike what can happen to you in a traditional financial institution, we will give you an answer in less than 15 minutes. If your loan has been pre-approved you will know very quickly.
- Study the documentation of each client. Once your loan has been pre-approved, it is time to study and gather the necessary documentation to be able to sign the contract between both parties. This is very simple information to obtain that you can collect from your own home or business. We will only need you to email us the following documents:
- Copy of the DNI and the current account in which your loan will be paid.
- Copy of the last IBI receipt to prove that everything is in order.
- That the home insurance of the property is in order.
- And finally the Simple Note of the Property Registry. Although it may seem a difficult document to obtain, it is not so. You can request it online and get the document correctly validated and sealed in your email account.
Verify the amounts and sign before a notary…
- Perform the official appraisal of the property. In this way we will know how much the total amount we can lend you amounts to. As we explained a few lines above, our loans are characterized as mortgaged loans. And their value depends on the value of the property that is used as collateral. Once we have the appraisal, we can firmly close the total amount of your business loan.
- Sign the contract between both parties. Whenever you apply for a business loan, you must ensure that it is formalized through a notary contract. This figure is in charge of reading the document and clarifying any questions that may still be pending.
Why go to Point Credit to apply for a business loan?
Today there are many financial opportunities that exist. Therefore we have a wide range of options from which to choose the most suitable to meet our economic needs. In Exclusivex Loan we want to make it easy for you. That is why we have created a list with some of the main advantages we offer to our clients :
We cover the financial needs of all types of customers
Unlike what can happen with other credit companies, such as banks, we cover the financial needs of all types of customers. Even if you are enrolled in one of the main delinquency files, such as RAI or Asnef; even if you lack a stable payroll. Whatever your employment situation we can lend you money provided you have a property that can be sold and free of charge.
Amounts only limited by the value of your property
In Point Credit your file will not be responsible for offering you a maximum of capital. In fact we can lend you from a minimum of € 6,000 to 25% of the market value of the property you use as a guarantee for your credit. Remember that although you can get more money than necessary through this loan, you do not need to abuse. Think that you will always have to pay interest, so receiving this help is not without costs.
Speed in both procedures and concession
Undoubtedly one of the most attractive advantages of private equity companies is that the procedures and the granting of documentation are quick and agile. This particularity is achieved for several reasons:
- Operate via internet
- Documentation request that can be obtained from the comfort of our home
- We do not need to persuade ourselves in any physical office to close the contract.
In Point Credit we promise to give you an answer in just 15 minutes. And in less than 72 hours from signing the contract you will have the money in your checking account.
Repayment terms that fit your needs
One of the main problems of fast loans is that they do not usually offer much capital or much time for repayment. In our case you can have from a minimum of 1 year to a maximum of 10 to be able to repay your business loan. In this way we can establish monthly payment installments that you find comfortable and easy to pay.
In addition, if you need it, you can have a period of partial deficiency to pay only the interest during the time that we establish. Do not hesitate and request more information about it from our experts.
We will never ask you to advance money
If you have been looking for financing options for your business you will have come across certain websites in which the client is requested to pay part of the debt to receive the loan.
This is a practice that borders on illegality. For this reason, unless you are dealing with an intermediary that should charge for their services, we recommend that you leave that website as soon as possible. Well you can end up being part of a scam.
We will never ask you to advance money to get your business credit.
No linked products
One of the most entrenched labor policies in traditional financial institutions is to achieve maximum customer relationship with the bank. In this way, financial institutions ensure that, once the loan is finished, the client has to remain linked to the bank.
These links can be of many types and we may not be interested in accepting them. They can range from taking out insurance with unattractive benefits. Passing by domiciling the payroll or opening an account in that entity. We will never force you to hire any linked products. And of course you will not have to change banks and domicile payroll elsewhere.
Who offers business loans?
For a long time business loans were something exclusive to banks. These were responsible for offering capital to SMEs and large companies so they could continue to grow. However, with the outbreak of the crisis in 2008, financing was virtually paralyzed. What affected the economic and emerging businesses in a very negative way.
Banks stopped granting loans to those businesses that were beginning to emerge and even to those that wanted to expand by going abroad. Traditional financial institutions considered that these types of loans were not following you and stopped granting them. Which was a blow to the professional environment in Spain. Many companies went bankrupt and many others failed to see the light.
It is not surprising that in this very complex situation there were other types of credit companies and private lenders capable of covering the financial needs of the businesses. Above all of those who began their professional career.
Nowadays getting a business loan is easier than a few years ago. Since at this moment there are different types of credit companies that offer money to companies. Both in an emerging situation and those that already have a well defined position in their sector. Among the different options, the following stand out:
From the English Friends, Family and Fools (friends, family and unsuspecting), this is one of the first ways of financing that a business or an entrepreneur approaches when you want to start with a business project.
This group often becomes the first funding resource that entrepreneurs access. Normally, except in the case of the “unsuspecting”, it is the emotional bonds that lead these people to become investors. But this does not have to be crazy. If the idea is good and well developed they can get involved in a good project.
The figure of business angels is gradually opening up in our country. Although in other territories, such as in the United States or in the rest of Europe, it is already quite frequent. These are successful entrepreneurs who offer their help, both financially and at the level of contacts and experience, to entrepreneurs who are setting up a new business. They usually get great benefits from their collaboration in the form of:
- Interests We refer to the interests of a loan. These are fixed between both parties by contract and are established based on the risk of the operation.
- Participations in the business. And on the other hand they gain presence and decision power in the new business thanks to obtaining shares or shares in the company. Sometimes they are even responsible for directing them administratively in their early stages of life.
These entrepreneurs can earn large sums of money by offering their collaboration. Their instinct for business means that they obtain great benefits and that they achieve that an idea becomes a real business project. And over time in a successful business.
Today there are platforms where business angels can seek their future investment. Or budding entrepreneurs locate new sources of financing.
Alternative financing platforms or P2B
Also known as crowdlending platforms, this type of web page contacts private investors with companies seeking financing. These are participatory financing companies where a large number of independent investors offer loans to companies and individuals.
These platforms act as intermediaries between them. Its function is to manage the different requests of companies and publish them on their website once they are approved as viable projects. From here, investors can decide to invest their capital in one or another project. Depending on the risk involved in the operation, the investor will receive more money in the form of interest. Do not forget that the higher the risk, the more likely it is that the client will not recover their money.
Through these platforms, businesses seeking financing will have an answer in less than 48 hours on whether their request continues.
Private equity companies
Private equity companies are nowadays one of the most used and safe credit alternatives. Within this group is precisely Exclusivex Loan. Among the main advantages of this type of financial experts, it stands out that they operate through the internet. This allows the contact between client and lender to be much faster and more effective. In fact, in just a few minutes, a company can fill out the application and explain the reason it takes to request a loan.
Depending on the private equity company, the business seeking financing may know in a short period of time if your loan has been approved. For example in Point Credit we will give you an answer in just 15 minutes. And in less than 72 hours, in case your loan has been approved, you will have the money entered into your checking account.
The offers that launch this type of companies have nothing to envy to the classic banking products. In fact, on many occasions their loans far exceed those of banks. Being much more competitive and attractive to customers.
Banking entities are the financing method that has been used par excellence in our country. Normally companies turn to banks when they need to apply for a loan. However, the situation has changed considerably in this regard since the outbreak of the crisis in 2008. Since banks stopped financing many projects. For both individuals and companies.
Nowadays, banks do not have to be the most appropriate option to obtain a business loan. In fact, things as simple as the response time will be directly related to the level of relationship we have with the bank as well as with our solvency. And while a private equity company or an alternative financing platform will give us the money in a short time, with a bank we can wait even weeks.
In addition, obtaining a business loan through a bank requires great solvency and a very solid business structure. That is, if we are starting and want money to grow the bank will not offer it to us.
However, and especially due to the extraordinary measures established by the ECB, the granting of loans by banks is gradually expanding again. Given that the professional network of Spain is mainly composed of SMEs, this is the block that is being taken care of by banks. Credit concessions to these types of customers and the speed of response are increasing. Although they do not reach the levels of the other two options
Main types of business loans
Today there are a lot of financial products available to companies. This gives the opportunity to choose from a wide range of options. So we can always opt for those products that best fit the financial situation of our company and our financing needs.
Among the main business loans, the most notable are the following:
These loans are obtained through the crowdlending platforms that we have discussed a few lines above. In these platforms, the investor is the one who evaluates the different projects that are hung and decides whether or not to invest their capital in them. Depending on the platform we go to, we can obtain more or less capital. In general, the amount in these cases is usually around € 100,000.
As for the repayment term and interest, they will be associated with the requested amount and the risk involved in the financial operation.
Online credits for companies
Surely you will have seen that there are many online credits. Well, there are also some specifically designed for companies. These are quite high loans where you can obtain amounts that may well exceed € 500,000.
Banks offer this type of financing and do so online. In general they can be obtained in less than 24 hours.
Credit lines specially designed for businesses
Credit lines are one of the most interesting financial alternatives that there can be for business. Unlike loans through a credit line, the company obtains a specific amount of money during a given period. This money is completely at your disposal to use it when necessary.
The most characteristic of credit lines is that only interest is paid only for the money used. It is a useful and effective way to have a reserve fund that can be of great help in the business world. Especially for those times when payments can be accumulated or there is not enough money in circulation.
Bank loans for companies
Bank loans for companies can offer very attractive conditions. However, everything will depend on the situation that our business is going through and the relationship we have with the bank. If, for example, we are setting up our company and we have recently initiated our contact with the bank, we will most likely refuse the loan. However, if we are a consolidated company and we have been working at the bank for years, we will surely have no problem.
As a general rule, banks do not offer large amounts unless the degree of linkage is very strong and the security of the operation is well proven. According to the data offered by the Bank in Spain, the APR of this type of loans is usually around 2.83%. Provided that these are less than € 250,000.
Nowadays companies have another line of financing that can be very interesting. We talk about public aid specially designed to strengthen the business fabric in our country. Undoubtedly one of the best known lines of credit for all entrepreneurs are the OLI Lines (Official Loan Institute). These lines of credit offer a great financial opportunity for both small and medium businesses. They are managed by financial entities that have agreements with OLI. Although the bank that manages it has the last talk about the granting or not of one of these lines of credit, the funds are public. Among the main advantages of these lines of credit are the following:
- Although the banks manage them and they have the last word on their concession, it is OLI who sets both the conditions and terms of these lines of credit
- It is the financial entity with which we sign that assumes the risk of default
- They are lines of credit that lack commissions
- These lines of credit are divided into two large blocks: the one dedicated to providing liquidity to entrepreneurs and companies and another specially designed to boost the export activity of said company.
Home equity loans
Home equity loans are a credit alternative that serves both businesses and individuals. In the case of Exclusivex Loan we are specialized in this type of financial product.
In order to apply for these loans it is necessary that the client be the owner of a property that can be sold and free of charge. This property works as a guarantee of payment and is used to calculate the total loan amount. Depending on the market value of the property, the lender may offer more or less money.
Home equity loans are usually granted by private equity companies and are relatively fast. In approximately 72 hours from the appraisal of the property the client will have the capital in his current account.
Through renting a company can use a specific product in exchange for a rental. Within this amount of money they contribute for their use, maintenance, replacement services and insurance are included. Renting is usually applied to vehicles and machinery.
It is often quite frequent to create fleets of renitng vehicles in those businesses that require many cars. In this way, companies avoid buying and only pay a monthly rent.
Among the most interesting advantages offered by renting is that the entrepreneur can deduct the accrued expenses of this type of loan from the quarterly and the Corporate Tax.
Leasing, Factoring, and Confirming
Leasing, Factoring and Confirming have become very interesting financing options for business.
- It is a financing method that shares many similarities with renting. Like the first case, the employer is responsible for renting the product or machinery and paying a monthly fee for its use. The difference is that once the rental period is over, the company has to acquire said good.
- It allows us to pay outstanding bills later. The mode of operation is simple: the lender assumes the debt, is responsible for repaying it, and we pay him or her in monthly installments or the whole spent a few months together with the interest.
- Confirming works in the opposite way to factoring and is penalized for supplier companies. In this case, this financial product offers the supplier the opportunity to collect early orders that he has sold through one of these loans. In this way the company has liquidity before receiving the payment. Once we get it, it will be time to return the capital along with the interests to the credit institution that advanced the money.
How to know what type of business loans you should opt for
As you can see, there are many options that exist in business loans. Decanting for one option or another depends largely on our economic situation, the amount of money we need and the viability of the project. As we explained a few lines above, the banks will not offer credits to those clients whose businesses are in their first part of the process. However, they will have no qualms about lending large amounts to those clients with well positioned companies.
The most important thing to opt for one or the other is to assess which one is more interesting to give life to our project. Once we have decided the next step will be to locate that loan that forces us to accept fewer links.