Cast Capital Corp. Partners with Direct Lenders to Provide Business Cash Advances Backed by Collateral.
JERSEY CITY, N.J., Nov. 9, 2015 /PRNewswire/ -- Cast Capital Corp. is now offering small business owners business cash advances that are backed by collateral. The Jersey City based financial services sales firm has partnered with direct lenders to provide a new model from the traditional business unsecured cash advance.
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A traditional business cash advance is solely based on the future projected receivables of a business and is unsecured, meaning there is limited recourse if an advance is not satisfied by a borrower. Cast Capital is actively introducing this new product to business owners who are traditionally accustomed to the common unsecured advance product. Using collateral to secure the loan (primarily commercial or residential real estate) allows lenders to assume lower risk when advancing funds. "We have seen businesses who need to consolidate cash advances and also want additional working capital," says Cast Capital Corp. President Bruce Leybel. "A cash advance product backed by property collateral gives us the ability to offer an advance up to 3 times the monthly gross income, which is more than can be offered in an unsecured scenario."
This collateral backed model gives business owners access to more capital, which can be used to buyout multiple advances at once. Usually if a business owner has multiple advances, lenders won't be able to clear out these advances and consolidate because there is not enough extra gross revenue to lend against. Therefore, a collateral backed product can provide a higher payout, allowing for the consolidation of multiple advances. Consolidation of advances is advantageous for borrows, as the daily or weekly paybacks can be lowered and the payback term extended.
What makes Cast Capital Corp. different from other lenders is their variety of business advance and loan products. "Every business has different financial needs," states Leybel. "The need for a variety of different products sets Cast apart and provides for better customer service."
Cast Capital offers business cash advances, both secured and unsecured, as well as; lines of credit, long term business loans and a variety of factoring products. Approval requirements are necessary before initial underwriting analysis. Cast Capital is an independent sales organization and acts in a sales referral partner capacity with a wide network of direct lenders.
As Cast Capital Corp. sales office expands, the firm is actively seeking new partnerships with established direct lenders and private investors new to the business cash advance industry. Visit Cast Capital Corp. online: www.castcapitalfunding.com.
Bruce Leybel 201-515-5563
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/cast-capital-corp-partners-with-direct-lenders-to-provide-business-cash-advances-backed-by-collateral-300174783.html
SOURCE Cast Capital Corp.
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|Date:||Nov 9, 2015|
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