Centric Commercial Finance is an independent Financial Services Group, focused on delivering event-driven Invoice Discounting and Asset Based Lending transactions to major companies with revenues of more than £1million.
Centric Commercial Finance has been operating for over 10 years. It operates as a credit and financial facility provider. It is located at 69 Park Ln, Croydon CR0 1JD, UK, England.
Benefits of Centric Commercial Finance
A business might seek commercial finance if they have reached a point where growth is imminent. Sometimes there is an obstacle in the way of attaining necessary growth – and that obstacle is often funding.
Centric Commercial Finance ensures that businesses, regardless of size, can thrive and hit their targets, rather than miss out purely because they have to wait to generate enough cash to re-invest in themselves. Commercial finance is essentially a way of providing working capital for businesses.
It means there are better options for everyone out there, whether that means you are a business owner wanting to achieve growth or a customer looking to shop around within a specific market.
There are many reasons why your business might be interested in commercial finance, whether you’re looking for start-up capital or a loan to help with marketing and growth.
Types of Commercial Finances
Conduit Loans: A conduit loan is a large permanent loan on a fairly standard type of commercial property, which is underwritten to secondary market guidelines and which has an enormous prepayment penalty. Such loans enjoy very low interest rates. Conduit loans are later assigned to pools and securitized to become commercial mortgage-backed securities.
SBA Loans: Loans to users of commercial real estate which are written by private companies, such as banks and specialty finance companies, but which are largely guaranteed by the Small Business Administration. SBA loan guarantees were created by Congress to encourage the formation and growth of small businesses.
Commercial Construction Loans: A loan of one to two years used to build a commercial property. The loan proceeds are controlled by the lender in order to make sure they are only used in the construction of the new building.
Takeout Loans: A takeout loan is a garden variety permanent loan where the proceeds of the loan are used to pay off a construction loan.
Bridge Loans: A bridge loan is a short-term, first mortgage loan on commercial property. The term could be from 6 months to three years. The interest rate on bridge loans is typically much higher than on permanent loans.
Permanent Loans: A permanent loan is a garden variety first mortgage on a commercial property. To qualify as a permanent loan, the loan must have some amortization and a term of at least five years.
Business overdraft: Your financial institution allows you to overdraw your existing business account up to an approved limit. You can only access the overdraft after your own funds have been used. The lender charges interest on the overdrawn amount. Businesses often use overdrafts as small loans, usually to cover cash flow gaps.
Requirements Needed for Application of Commercial Finance
- Credit score. Lenders typically examine your personal credit report when you apply. If you’re already in business, prepare to submit a credit report for your company as well.
- Age of your business. To qualify for most small business loans, you’ll need to be in business for at least 6 months. Your typical bank could require you to be in business for at least 2 years. You can consider a start-up loan if your business is less than a year old.
- Annual revenue. Lenders often require businesses to meet a minimum level of income to be considered for a loan. You must show your business revenue to be able to apply for a loan.
- Net operating income. To be sure that you can meet repayment requirements, centric commercial finance look for a total income that’s at least 1.25 times greater than your total expenses.
- Potential collateral. If you’re applying for a secured business loan, you may need to identify an asset — equipment, inventory or real estate — to back the loan against default. If you’d prefer not to provide collateral, you’ll need to compare unsecured business loans which might not be the best for your business.
Personal requirements needed
- You must be at least 18 years old
- You must be a UK resident
- You should be a UK-based business
- You should have a UK bank account
Get to Apply for a Commercial Loan Today in UK.
Applications can be done online.