11 Aug 2020

Small business owners are often in need of equipment upgrades to help their business grow while still maintaining the necessary cash flow and working capital. That is where the right Equipment Finance mean the difference between a business thriving or just surviving.

Did you know that Blackburne Mortgage Broking is also a trusted name in Commercial and Business finance and is the Perth Mortgage Broker able to assist with your Equipment Finance requirements?

The right Equipment Finance can really benefit your business in several ways.

These include:

  • Equipment can generate income immediately
  • Equipment Finance preserves working capital
  • Repayments help you budget accurately
  • Loans are often secured by the asset eliminating the need for property as security.
  • Potential tax advantages may be available.

Usually any plant or equipment that can assist in generating income for your business can be financed. Some of this may include:

  • Motor vehicles
  • Commercial vehicles
  • Plant and machinery
  • Agricultural equipment
  • Computers, photocopiers, and phone systems
  • Medical and dental equipment
  • Office equipment
  • General business equipment

There are different types of Equipment finance available, dependant on the specific requirements of the business. The most popular small business facilities include:

Chattel Mortgage

This is where the equipment belongs to you from the start and the lender has a ‘charge” over the equipment that secures the loan until it is paid out. There may tax benefits from holding a chattel mortgage, but your accountant or financial advisor can provide mor information.

Finance Lease

With a Finance Lease, the lender purchases the equipment and the borrower gets the use the equipment for the term of the lease in return for lease payments.

Novated Lease for Vehicles

A Novated Lease is a three-way agreement between an employee, their employer, and a finance company. The word “Novation” refers to the substitution of a new contract in place of an old one. In other words, the employer agrees to take on the employee’s lease obligations. The employer makes the monthly lease payments out of the employee’s pre-tax income.

Equipment and Vehicle finance is just one area of Commercial Lending where business owners may benefit. Inventory Finance, working capital Finance as well as loans to purchase businesses and Commercial Real Estate are all available to assist a business owner looking to expand.

Blackburne Mortgage Broking has a Commercial Lending special broker, Brian Willis, who is skilled in all forms of business lending. If you are looking for a Perth mortgage broker that can help with getting your business finance on the right track, contact us and watch your business grow.

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