One of the major barriers to beginning your journey as your own boss is a lack of start-up funds. A little bit of research will tell you that the easiest solution is to take a business loan from a mortgage provider. However, it can be difficult to find such a provider who is willing to lend to someone without a significant amount of current financial information. It is a double-edged sword: you can’t get a constant revenue stream without a loan, and you can’t get a loan without a constant revenue stream! So what can you do exactly?
Seek out ‘low documentation’ loans. These home loans allow you to borrow against your current residential property without an enormous amount of documentation. These are typically designed specifically for new business owners and self-employed people by mortgage brokers.
These less stringent loan requirements allow you open up capital for your business, invest in commercial real estate for a physical store or even just smooth out the usual cash flow fluctuations that every new business suffers from.
Low documentation loans let you develop the business the way you want, and isn’t that the whole point of self-employment? Speak to our Fountain Finance team today to learn more about Self Employed Loans.