Refinance Business Loans
Many small businesses stand to save a lot of money by refinancing and/or improving their position in general. Whether market conditions are favorable or you have an improved credit rating, refinancing your business loan can help alleviate costs incurred from higher interest rates.
By refinancing, you’re re-applying for a new loan and essentially paying off the old loans or debts by obtaining a new one. Due to new terms on the loan, the lender obtains current information such as your business’s credit score, payment history, and income amongst others.
Benefits of Refinancing
1. Lowering the interest rate and overall monthly payment(s).
2. When you refinance, you put your organization in a better cash flow position by lowering your monthly payments.
3. A combination of 1 and 2. By having multiple incoming bills, it’s easier to manage one instead of, say, ten. From an accounting and accounts payable perspective, many people find that consolidating multiple bills to one payment is much easier.
What Can be Refinanced
In most cases, you’re able to refinance business debt. This includes credit card debt, equipment loans, money line loans — any type of business loans or debt potentially can be consolidated.
How Does Refinancing Work
Basically, we take the current balances or payoff amounts for each loan. After we have been provided your business’s credit information and have approved you for a refinanced loan, we will pay off all your old debt and offer you a lower payment for less interest.
At the very minimum, our suggestion to any business is to let Funding Well Capital help you investigate consolidating your business's debt to see if it would, in turn, save you money and interest.
With our staff of experts from all corners of the finance world, we promise to offer you customized financing plans coupled with unmatched customer service.