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The term ‘short term loan’ describes a sector of financing that includes bank-to-bank loans, asset loans, business loans, pay-day loans and bridging loans. The one common factor is a term of 12 months or less.
Since short term loans are usually higher risk, a higher premium is expected and in the event of default recovery action will commence almost immediately to protect the equity in the security.
Short term finance is a highly specialised area of lending provided by a few specialist lenders. While banks and other lenders don’t understand what you need, we take the time to understand your business and your needs. We know each customers’ circumstances are unique.
Prime has been providing short term finance including bridging loans, business loans and short term loans since 2004. We have become one of Australia’s largest short term lenders.
As a specialised short term lender, we take the time to understand your needs and tailor a loan just for you.
Loan Products
Product Guides:
Loans up to $1,500,000.00
LVR up to 80% of the “as is” value (terms and conditions apply)
Rates from 1% per month up to 2% per month
Loan Terms between 1 month to 2 years
Acceptable Securities:
- Residential properties in metropolitan areas
- Rural / Residential properties (population over 50,000)
- Commercial properties
- Industrial properties
- Vacant Land (in metropolitan areas only, LVR up to 75%)
- Development sites (subject to terms and conditions)
Acceptable Loan Purposes:
Working capital
Bridging finance
Payment of business debts
Taxation payments for businesses
Purchase of investment property
Purchase of shares
Personal use of funds
NB Prime will require all borrowers to provide in writing the purpose of the loan funds.
Approvals:
Conditional approval can be granted within 1 hour.
Formal approval will be granted when all prerequisites above have been satisfied and Prime’s Application Form and Declaration Forms are completed in full and correctly. Original Forms and all other corresponding documents must be returned to Prime prior to issuing mortgage documents.
Exit Strategy:
Prime will require all borrowers to provide in writing details of their proposed exit strategy for the repayment of our loan.
