Credit is the most common method of financing Polish enterprises. However, the NBP announcement shows that the criteria for granting such financing have tightened in recent months. Margins for higher risk loans also increased. The NBP predicts that this trend may continue in the future.
Indeed, taking a loan always involves additional costs and risk – admits by famous financial advisor. – However, this does not mean that banking products should be avoided. However, skilful management of your finances will be key – he explains.
First of all: use real estate!
Mortgage is the most popular form of loan collateral for companies – especially those for large sums. In practice, the bank is entered in the land and mortgage register and gains priority over the owner in asserting rights.
A common mistake made in mortgages is to leave the so-called free space. What does it mean? Let’s imagine that the entrepreneur has 10 loans, including only two are secured for a total amount of 500 thousand. PLN for a high percentage. In addition, the same businessman owns a house worth PLN 3 million.
In such a situation, PLN 2.5 million of “free space” remains on the property, which is nevertheless at risk. In the event of repayment problems, the bailiff will take care of it without hesitation – explains Art Sy. – Although the law obliges you to return the difference, but in reality it is a very rare practice.
In this case, it is worth using the “free space” on the mortgage to secure high-interest loans and reduce their unit costs. Effect? Credit servicing costs can be reduced by up to 60-70%!
Second: secure the loan!
The case described above proves the importance of collateral for the loan. A mortgage on real estate is obviously not the only way. You can decide on a pledge (on goods, machines), misappropriation, blocking of funds, assignment of receivables or promissory notes.
A very good collateral is also a de minimis guarantee from Bank Good Shepherd (up to 60% of the loan value). This solution not only increases the loan amount, but also often reduces the interest rate.