If you have a business loan or a line of credit and a mortgage and you are not able to pay them down, please call us now. We will give you a financial plan to reduce interest costs such that you can use the savings to pay down your debt much faster.
Often business lines of credit are at prime plus one-two or three per cent or more and we have seen many cases where they are secured against the home without the knowledge of the borrower, effectively making it a 2nd mortgage. Why pay these high rates when you can refinance at rates are hovering around prime or 3% for 5 year mortgages or 10 year fixed rates at an unbelievable 3.99%. We can get you more cost effective financing with another lender, while you maintain your business and savings accounts at your bank without any consequence.
Getting your money at the lowest rate at the best terms makes financial sense.
We recently helped a Fergus business owner who was paying 5.79% on his mortgage of $310,000 and prime plus 1 on a $100K business line of credit. He also had credit cards of $30,000 with total payments in excess of $5,000 per month.
By reviewing his financial situation, we found that a new five year fixed rate mortgage at 3% (prime) could reduce his payments to less than half and save him thousands of dollars in interest every year.
Interest chews away at your income so you have less to operate your business. Now John can take the savings and start working at improving his operation while paying his debt off sooner. He doesn’t have to change banks for day to day banking; the new lender is using a void cheque from their account for the new mortgage.
We are business owners just like you, so we understand completely what you are up against, especially if your business is still fledgling. Call us today for a consultation. We look forward to meeting you.