Among the fields that are expertise by Andrew Binetter, there is one most important and widely used, and that is asset-backed finance, and you can watch on YouTube about it. It is a well-known fact that the banks reject one-third of the applications for finance by the small business owners, and the main reason behind it is nothing else but the lack of a strong financial base. There are lots of small business owners that are willing to get a loan from banks but are not getting it because of the above-mentioned reason.
Andrew Binetter says that there are a lot of things that are alternative to this, and one of them is asset-backed finance. In this method of getting finance, the loan is given aback by the asset that you will be presented in the papers to get your loan sanctioned. As stated by Andrew Binetter, by doing this, the owner of the asset becomes bind to pay the loan back, and therefore the bank easily sanctions the loan.
What can be a back for a loan?
If you want an asset-backed loan, the very first thing that you are going to need an asset. No matter what type of loan you want and what is the amount of the loan, the only condition is that the asset must have the value of the loan amount. There are numerous things that can be the back for an asset-backed loan, and important ones of them are stated in the below-given points:
- It can be vehicles, commercial equipment, or your company’s assets that are necessary to be used in the daily needs of your business.
- You can also back your loan by the bills of your customers that are outstanding, called as the debtors.
- Inventory is the biggest asset of a business, and therefore, you can use it as an asset to back your loan.
The final verdict
The above given is the detail about the asset-backed finance by Andrew Binetter. You can also watch on YouTube about this on the official page of Andrew. You will get to know more than it is mentioned here about asset-backed finance on Youtube.