Blue Streak Business Caveat Loan review
Access business funding up to $200,000 in as little as 24 hours with a Blue Streak Business Caveat Loan.
A Blue Streak Business Caveat Loan gives you the benefits of reduced costs and interest rate discounts that come with secured loans, but without registering a mortgage over the property. Loans can be used for any business expense, including purchasing a business, with funding available in as little as 24 hours.
Max. Loan Amount
1 month to 1 year
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|Product Name||Blue Streak Business Caveat Loan|
|Min. Loan Amount||$25,000|
|Max. Loan Amount||$200,000|
|Loan Term||1 month to 1 year|
How does the Blue Streak Business Caveat Loan work?
When you apply for a Blue Streak Business Caveat Loan, you can request a proposed loan amount between $25,000 and $200,000 and a loan term between 1 month to 1 year. You'll be sent an application form to get the process started, and a valuation will be conducted on your property. Interest rates start from 14.95% p.a. for companies and 18.95% p.a. for Australian Business Number (ABN) holders.
Your loan will be introduced to one of Blue Streak's panel lenders for consideration. Following the valuation and approval from the panel lender, a caveat will be registered on your property and the loan funds will be drawn down. The whole process can take as little as 24 hours from the initial enquiry to loan funds in your account.
Features of the Blue Streak Business Caveat Loan
When you take out a caveat business loan from Blue Streak, you can expect the following features:
- Private lenders. Blue Streak has a panel of private lenders who provide business finance on a case-by-case basis.
- Flexible loan solution. The terms of each loan are tailored to suit the needs of the individual applicant.
- Interest rate discount. Interest rates start from 14.95% p.a. for company borrowers and 18.95% p.a. for ABN holders.
- Flexible loan term. You'll need to repay the loan over a period of between 1 month to 1 year.
- Choice of repayment frequency. Choose between weekly, fortnightly or monthly loan repayments.
- Fast funding. Loan funds can be drawn down in as little as 24 hours after initial contact.
- Secured funding. Since a caveat loan is a form of securing lending, the loan attracts lower costs and interest rates than unsecured loans.
- Mortgage may be required. While all caveat loans are initially secured by placing a caveat on the security property, some lenders may seek to replace the caveat with a registered mortgage after the loan has been funded. This will depend on the lender and the individual circumstances of the loan.
- No hidden fees. The full free structure is provided upfront.
- No early commitments. You won't be asked to sign anything until after the valuation of your proposed security property has been completed and an offer has been made.
- No commissions. Blue Streak is paid directly by their panel lender clients, making this a commission-free loan from your point of view.
How much does the loan cost?
When comparing business loans, it's important to be fully aware of the fees, charges and interest rates that can apply to the loan. Consider the following when applying for the Blue Streak Business Caveat Loan:
- The loan is contingent on a caveat being placed on your property by the lender. You will be asked to pay the valuer upfront to conduct the valuation on your proposed security property. This fee is payable regardless of whether the loan ultimately goes ahead or not.
- Other fees will depend on the circumstances of each application. A full fee structure will be provided in the loan offer.
How to apply for the Blue Streak Business Caveat Loan
Before applying, read through the eligibility criteria and understand the documents you may be asked to supply during the application process.
Eligibility criteria for a Blue Streak Business Caveat Loan:
- Company director or ABN holder
- Australian or New Zealand citizen or permanent resident
- Loan funds to be used for business or investment purposes
- Property must be appropriately valued so that loan to value ratio (LVR) is less than 75%.
Documents that may be required during the application process:
- Proof of identity document
- An application form must be completed
- No tax return or financial documents are required.
When you're ready to apply for a caveat loan from Blue Streak, the first step is to click "Go to Site" on this page and fill in a short online form. From there, a representative from Blue Streak will contact you within 3 business hours to discuss your individual loan requirements in more detail. You'll be provided with an application form for you to complete and return, while Blue Streak arranges for a valuation on your proposed security property.
While the valuation is taking place, your application will be forwarded to a member of Blue Streak's panel of lenders, who will draw up a letter of offer. Once everything is signed and approved, the full amount of the loan will be in your bank account in as little as 24 hours after your first contact.
A caveat business loan from Blue Streak is a business funding option with a fast turnaround time for Australian companies and ABN holders. Before deciding if this loan is right for you, take the time to compare business loans to make sure you're getting the best deal.