Whether you‘re trying to get a new café venture off the ground or you‘re looking to refit an established restaurant, having the right hospitality finance in place is vital. We know your reputation is based on excellence, efficiency, and the experience you provide to customers. That means flexible solutions that work the way your cash flow does. It demands fast, convenient options when you need to expand operations or replace kitchen equipment in a hurry – and that‘s where Savvy comes in.
From coffee machines to dishwashers and commercial stoves, Savvy helps thousands of hospitality clients find cost-effective finance solutions every year. With a larger, more specialised panel of lenders, we‘re able to access exclusive offers and tailor options to your specific needs and goals. Our experienced, dedicated asset finance brokers know that you work hard, and they‘ll match your efforts in order to uncover the most relevant, workable hospitality finance lenders for your business.
There is a selection of commercial finance solutions, each designed to benefit businesses with different priorities and models. Chattel mortgage hospitality finance is a secured commercial loan product, so interest rates are very cost-effective. Terms run between one and seven years, and you own equipment right from the start of the agreement. That means you can claim depreciation as per ATO rules. You can claim back all purchase price GST as soon as you file a BAS, and there’s no GST on regular repayments or any residual. Interest on repayments is tax-deductible.
An operating lease runs for anything between one and five years. There’s no residual with an operating lease, and you also have no obligation to buy when the lease ends. If you’re buying a delivery van or similar, operating leases give you the option of bundling costs like registration and servicing into the repayments. Entire repayments are fully tax-deductible, and the finance amount is based on the ex-GST price of equipment and vehicles. A finance lease is slightly different. There’s a residual and an obligation to buy when the lease ends, so every payment you make builds equity – a bit like a loan.
Different lenders have various requirements for qualification, but generally, you’ll need to supply up-to-date business financials like accounts and tax returns. Most lenders will also ask for cash flow forecasts in order to gauge how your business is performing and whether it can afford repayments. Low doc hospitality finance is a specialist lending option for business owners who are short on paperwork or don’t have up-to-date financials to present to a lender. Talk to one of our finance consultants to find out your options if that sounds like you. You’ll likely need to provide personal guarantees, and many lenders will only consider low doc applications from business owners that own property.
Whether you’re applying for standard or low doc hospitality finance, applying via a site like Savvy is a great idea. That’s because our commercial finance consultants specialise in matching borrowers with lenders who offer both products and qualification requirements that suit their situation. We also partner with more lenders so we can access a broader range of solutions for every business out there.