Reduce Interest/Fees/Debt Load

Refinance Business Debt

The smart use of debt financing is very important to maximize business performance. Additional capital allows a business owner to deploy it to generate a net positive rate of return in their operation. However, often existing debt becomes a financial burden and needs to be replaced with debt on better terms. Kirksley is here to assist you with understanding different options to refinance your existing debt.

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Refinance of Business Debt

Basic Qualifications

TIME IN BUSINESS

24+ months

BUSINESS REVENUE

>$25,000/mth

OWNER'S CREDIT SCORE

>660 FICO

Funding Parameters

Amounts

$10k to $10m

Term

3-12 months

Rates

from 6.99%

Processing Speed

3-5 days

Typical Application Requirements

  • Basic credit application

  • 6 months of business bank statements

  • 2 years of business and 1 year of personal tax returns

  • Government issued photo ID

  • Voided check or bank letter

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Opportunities to Refinance Business Debt to Improve Company Financials

There are several scenarios in which a business owner can generate a better financial situation for the business from the refinance of existing debt. Here are two main examples:

1) Improve the conditions of a term loan (by getting a new one) in one or more of the following ways:

  • reduce the interest rate​

  • extend the term

  • cash-out of built-up equity

  • avoid an upcoming balloon payment by rolling into a new loan

There are several scenarios in which a business owner can generate a better financial situation for the business from the refinance of existing debt. Here are two main examples:

2) Eliminate high cost/high fee debt such as credit cards and merchant cash advances:

  • end the cycle of endless rollovers into new merchant cash advances or credit card charges by replacing this dangerous method of business financing​ with abusiness working capital loan or abusiness line of credit in order to gain access to an amount of lower interest funds, some or all of which can be used to pay off expensive debt.

This page refers to fast business debt refinance scenarios not involving real estate. For the refinance of commercial real estate, here is more info.

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