Term Loan

Table of Contents
Grow & expand your business
Maximum term of 5 years
Maximum term of 3 years on refinances
Funds directly into client's account
No early repayment penalties
No financials under $500k

Policy overview

Annual turnover: $250k - $1.5m $1.5m - $5m $5m - $10m $10m +
Minimum guarantor Equifax score 550
Credit Clean credit history
No dishonoured payments
No existing loans with cash flow lenders
Time in business 2+ years
Limits available Up to $500,000 Up to $500,000 Up to $1,000,000
Maximum advance non-asset backed $100,000
Maximum term Up to 5 years
Repayment frequency Weekly

Pricing, fees and commissions

Annual turnover: $250k - $1.5m $1.5m - $5m $5m - $10m $10m +
Variable annual percentage rate (APR) 23.95% 20.95% 17.95% 14.95%
Direct debit fee $3.85 per week
Legal fees From $700 (only applicable to loans with caveats and second mortgages)
Commission (inc GST) Up to 4% of the loan amount as an establishment fee (added to loan amount)

Documentation

Applications with exposure up to $500,000 Completed application on Shift Connect
6-months bank statements
(all business-related accounts)
Copy of trust deed (if applicable)
Additional documentation for applications with exposure over $500,000 Up-to-date financial statements
(including ages AP & AR)
Copy of ATO portal

Security

Annual turnover: $250k - $1.5m $1.5m - $5m $5m - $10m $10m +
Property security Requirements may vary by industry sector & overall application strength.
Guarantees Personal guarantees from all directors. Spouse or non-director guarantors accepted if required
PPSR Registration of ALLPAAP for aggregate loan amounts over $300,000 (1st ranking not required)

Typical Loan uses

  • Purchase of existing business
  • Refinance of existing debt - including ATO (Max loan term 3 years)
  • Deposits for capital purchases
  • Buying out a director or investor
  • Equipment finance (for assets not covered under asset finance)
  • Opening a new site or store
  • Expansion
  • Upgrading software and technology
  • Refresh and refurbishment
    (Also see "Fitout" in Asset Finance section)

Note: This product is not suitable for working capital uses such as purchasing inventory or general maintenance. If you are unsure about what is the appropriate product for a particular customer scenario please contact your BDM.

Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). Contact broker support to discuss options for clients in these sectors. Additional documents may be requested at the discretion of the credit officer.
Level 21, 177 Pacific Hwy
North Sydney, NSW 2060

Privacy Policy. Terms and conditions. Please consider the information before you decide whether the product is appropriate for your business. Standard credit assessment, fees, terms and conditions apply. The products and service offered are available in Australia from Shift Financial Pty Ltd. ABN 24 149 390 625, (“Shift”).

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