One financing is running: can another be presented?
A financing already running does not stop a new file from being presented: it shows in your statements and counts as a commitment. The lender decides, on what the business can still carry.
Choose my amountThe answers
- Can I ask for another financing while a first one is running?
- Yes, the file can be presented, with the financing already running declared. Advances already running reduce what a lender can offer, and it is the one that decides.
- Will the new lender see the first financing?
- Yes. Payments to other lenders show in your statements and count as commitments.
- Does my current contract allow another financing?
- That is written in your contract, which may set conditions on a new financing. Read it before presenting an application.
- Second financing or refinancing: what is the difference?
- The second is added to the first; a refinancing replaces it, the sum disbursed going to repay the balance. In both cases, the lender decides.
- Would another product suit better?
- Sometimes: equipment is presented as equipment financing, and invoices owed by businesses as factoring. Those products rest on the asset or on the invoices, on top of your statements.
What the lender looks at
- Payments to other lenders
- The financing already running is read payment after payment, and it counts as a commitment.
- Actual deposits, month by month
- The lender compares all the payments, current and new, with what the business takes in.
- Days in overdraft
- An account often below zero leaves little room for one more repayment.
- NSF cheques
- A payment returned to the current lender weighs on the new file.
$0 upfront · 7% only if funded
An intermediary, not a lender.
The lender sets the final amount and its cost in its written offer.
Choose my amount