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Business Loans for Hotels
A business loan is an ideal solution for any hotel business that is seasonally dependant or has fluctuating cash-flow. Hotels work perfect with a business loan alternative financing product. This is due to the repayments are always entirely in sync with your hotel businesses monthly performance.
Flexibility and easily accessible compared to Business Loans with the ability to raise £5,000 – £200,000 in less than 48 hours. This makes a Merchant Cash Advance an appealing and alternative way for hotel to borrow money compared to traditional loans.
You hotel business needs to have a minimum of £5,000 a month in debit and credit card payments. If your hotel needs funding then a business cash advance for hotels maybe the prefect fit!
A business cash advance is an unsecured injection of working capital into your hotel business this is based on future credit and debit card sales. It’s repaid via a pre-agreed percentage of about 7% per every future card transaction
Running a successful hotel can be a lucrative business option, but there are a variety of expenses which you will need to consider. In many situations, owners think about taking out a hotel business loan, as they can provide the essential capital required to remain profitable.
The key to finding the ideal hotel business loan is to establish exactly what the funds will be used for. For example, there are different loans available which could help with purchasing new equipment through asset finance, improving short-term cash flow to obtaining development finance to build a new hotel.
PDQ Funding can provide a business loan alternative, this product is called a business cash advances. The various forms of finance could provide you with anything from £5,000 to £200,000.
If you have assets available and a good credit history it will make it much easier to find a flexible, low-cost secured loan. Although, we work with a range of lenders which provide a variety of hotel loans to businesses in every financial situation.
Hotel Financing with Merchant Cash Advance
PDQ Funding has assisted and supported hotel owners with fast and flexible short term finance for their business. Hotel’s have both benefitted by using a merchant cash advance.
In 2019 hoteliers accounted for a fifth of our clients. As a result we have seen a 36 per cent growth in hotel sector in the last 12 months.
Merchant cash advance’s are not the same as a business loan. It is an advance on the money your business is predicted to generate in credit card and debit card transactions. Your Hotel will receive a cash injection, which you then repay simply, using a small pre-agreed percentage of your future customer card sales. As your industry is seasonal your repayments are reduced in your slower periods, due to your takings being down. With flexible repayments our funding always be suitably in sync with your business cash flow.
Merchant cash advance has supported our clients for a number of years for the following uses:
Soft furnishings and furniture
Refurbishment and repairs
Staff hiring & training
Promoting your latest events
Upgrading rooms and carrying out repairs
Purchasing stock, drinks, food, crockery and glassware
Immediate cash flow
Loans for hotel businesses with poor credit
It is true that it can be far more difficult to obtain hotel finance if you have a negative credit history. Our funding methods can come into play in a rather helpful way in these types of situations however, as we offer unsecured hotel business loans, which doesn’t require a credit check of applicants. This is why our alternative bank loan for hotel business finance methods are always increasing in popularity.
You can find yourself with a poor credit history due to a wide range of differing reasons. For instance, your clients may have not paid you on time for a service, or you may have made some miscalculations of your own in the past; we do not believe this should tarnish your chances of success forevermore. If you are a long-term business owner, the chances are you will have had many ups and downs, so having a negative history of credit can become hard to avoid in certain situations.
You’ll often find that your poor credit score can be rescued and turned into something much more positive by carrying out a few simple steps. You should attempt to do this before submitting an application for a hotel business loan, in order to give you the best chance of being successful.
However, with all of that being said, if you find it extremely difficult to change your credit score for the better and you need finance for hotel business asap, you should still apply with PDQ Funding today.
As we have already mentioned, our loans are unsecure, which means even with an unfavourable history of credit, you will likely still find yourself being accepted and receiving the financial boost you desire.
Business Cash Advance for a hotel is an alternative to a bank loan
Unlike traditional bank loans which have fixed monthly payments, a business cash advance repayments are directly linked to your hotel card takings. The repayment of the advance only happens when the business makes a card sale. Cash advances are unsecured meaning your home is safe as no personal guarantees are required.
Application takes minutes for £5,000 -£200,000
You pay back only when you make a sale – there are no fixed monthly payments
100% of your cash income is safe
One clear cost per transaction
No hidden fees, charges or penalties.
Over 80% of businesses are approved for a business cash advance loans no credit check. The application process is simple and easy to complete with minimal paperwork and no accounts require
Getting your hotel business ready for finance
One you decide that a business finance for your hotel is the right choice and you are ready to apply for the funding, there are a few things to think about.
Decide what you’re going to pay for. Having a plan stops you from over or under borrowing.
Check your business credit rating. The higher it is, the more likely you are to be approved.
Get all your paperwork sorted. This makes sure the application goes through as fast as possible.
Choose a lender you feel comfortable with. To keep things stress-free, go with a company you trust and get great service from.
Applying for a Business Cash Advance with PDQ Funding
Click on the application page. To ensure we match you with the best lender, we will ask for more information about your business. Please be ready to tell us:
- Your business trading name
- Your average monthly card sales
- The amount you are looking to borrow for your expansion plans
You will then be directed to the next step, where you will be required to disclose:
- Your title, first name and surname
- Your position in the business
- Your email and telephone number
Click to accept the terms and conditions and click ‘get a quick quote’. From here your application will be processed and reviewed by one of our approved business finance suppliers.
One of our account managers will be in touch by phone or email to discuss the terms of your loan or advance agreement.
After reading the terms of conditions & agreement, please sign the relevant documentation and return to the lender. Funding will be available in your account in as little as 48 hours