Are you planning to start a new business? Do you have an ingenious business idea, but don’t know where to start? Then MIY Consultant is here to assist you from financial help to business planning to pave the road to your success. Starting out a new business if you have a strong business idea which promise profit in the coming years then we provide you with financial help. MIY provides you with a loan so that you can start out your own new business. You will get a mortgage; the benefit of which will be that you will have a place of your own. You will get the ownership of the property by paying the interest, which is known as second mortgage or home equity loan. The property will be under your name, you will have to pay a monthly interest to the MIY. The equity loan is used for various purposes, such as, to fund property renovations, college expenses, business start-ups, and other big-ticket purchases. The intent is to borrow money from the equity you have established in your property. You will benefit from the mortgage because the interest rate is relatively lower that the unsecured loans. Usually interest rate 10% of the property rate. Initially you will have to pay more of the second mortgage but as the time passes, your debt will be reduced and the interest you will pay will lessen.
MIY provides renewal of your loan. Say you have the contract to pay your debt in 5 or 10 years once that time period ends and you are unable to pay your loan, you can apply for renewal. For the renewal all the basic information of your account, interest rate and credit limits remains the same only the maturity date is extended. There is also an option of refinancing for the business start-ups. Refinancing is applied to the closed-end loans. In refinance the borrower, have to cancel the previous loan and apply for a new one. The benefit of which is that if the interest rates have fallen considerably than when you have applied. Now you can pay your debt for the next 10 years or so under the refinanced loan at lower interest rate.
MIY provides line of credit to its customers. A line of credit is that the borrower is given a credit card limit; he can spend the money within that limit and pay it back after the limit is reached and the cycle is repeated. We provide businesses with variable amount of money to withdraw, on the bases of the evaluation of the market value, profitability and the risk taken on by the business, the line of credit is extended.
A secured line of credit is more preferable for both the lender and the borrower as the lender will have an asset of the borrower under their authority so if the payment is not made the lender will own the asset. However, the borrower also have the advantage, which is the lower interest rates than the unsecured credit line. In unsecured credit line, the interest rates are considerably high and need high credit history from customer’s end.
At MIY, we make our utmost effort to provide our customers with outstanding and satisfactory services. Therefore, we have professional consultants who, after going through your business plan and calculating the success of the business for long term, tailor the best financial services for you according to your specific information.