FAQs
Frequently Asked Questions
Alternative lending involves borrowing funds from non-traditional lenders, offering flexible terms and faster approvals.
Yes, we provide both consulting and lending solutions.
Alternative lenders are individuals or institutions offering loans outside of traditional banks.
Interest rates vary depending on the type of lending you are
looking for, loan size, and terms of the loan. It is best to get in touch with us, so that an assessment can be done to provide an accurate rate.
There may be consulting, lender, legal, and banking fees depending on the lending terms & conditions. In some cases, if fees are required, they may be deducted from the loan amount. Fees & conditions would be determined by our loan and underwriting team while processing the application and may be lender dependent. If applicable, fees are clearly disclosed to the client.
The lending options when business equity or collateral is lacking are few, but do exist. In this case, our intake team may require further information from you to determine whether lending options exist based on other factors, and what the terms and conditions of such lending would be. .
Our pre-approval process is relatively fast (as little as 24 hours), provided we have received required supporting documents in a timely fashion from the loan applicant.
In complex lending cases, additional evaluation may be required for a pre-approval, which may take up to 10 business days. We keep our applicants updated on the process,
Required documentation depends on the facts of the file and the needs of the borrower, and will be determined at the time of application.
Yes, other real estate property or business revenue can be used as additional security, as long as the assets meet the required collateral criteria. The terms for using other assets as collateral will be determined by our underwiting team.
Lumi brings over 30 years of asset-based lending consulting experience. We have successfully raised, structured and secured over $250,000,000 in private debt and equity funding to support the expansion of businesses in Canada and abroad.
Our personalized customer service and consulting approach is like no other. Our pre-qualifying processes are simple and efficient, saving borrowers time and money so they can continue to focus on the growth and expansion of their business.
ur team’s expertise in financial consulting and risk management ensures efficient & ethical solutions tailored to your needs. We’re committed to improving your businesses' financial position, not exploiting vulnerabilities.
Loan payments can offer principal and interest OR interest only payments, depending on the terms & conditions of the loan and the lending arrangements. The borrower's options will be explained once a pre-approval is completed.
Payment arrangements are typically set up on a monthly basis. In some cases, alternative payment arrangements/frequency can be set up at the time of approval and contract, based on the needs of the business and lending approval.
