Cast Capital partners with direct lenders to provide collateral-based cash advances.
BANKING AND CREDIT NEWS-November 16, 2015-Cast Capital partners with direct lenders to provide collateral-based cash advances
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Cast Capital Corp. said it has partnered with direct lenders to provide a new model from the traditional business unsecured cash advance by offering small business owners business cash advances backed by collateral.
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 allows lenders to assume lower risk when advancing funds.
This collateral backed model gives business owners access to more capital, which can be used to buyout multiple advances at once. 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.
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.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Nov 16, 2015|
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