Frequently asked questions
Straight answers before you share a thing.
The questions business owners ask us most, about Business HELOCs, MCA payments, property equity, and how the Capital Review works.
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Questions owners ask
Your questions, answered
HELOC vs. MCA: what’s the difference?
A merchant cash advance (MCA) is repaid through daily or weekly debits at a fixed factor rate, which can be expensive. A Business HELOC is a line of credit backed by property equity, usually with monthly payments and interest on what you draw. For owners with equity, a HELOC may cost less and be easier on cash flow, but it puts the property at risk.
How can I lower my MCA payments?
Common paths include refinancing into a longer-term loan with monthly payments or using property equity to pay off advances. What fits depends on your balances, revenue, and property. A Capital Review maps what you pay today before suggesting anything.
Can I use home equity to pay business debt?
Often, yes. A Business HELOC may be used to pay off higher-cost business debt. Because your home becomes collateral, we walk you through the risks and compare other options first.
Can I get a HELOC if I’m self-employed?
Often, yes. Self-employed owners may qualify based on business revenue, bank statements, and property equity, not only a W-2. Requirements vary by program, and we review the whole picture.
Can I access home equity without refinancing?
Often, yes. A HELOC usually sits behind your existing mortgage as a separate line, so you may keep your current mortgage and rate.
How do I finance materials before my customer pays?
A revolving line of credit fits this well: draw for materials, get paid by the customer, repay, and use it again on the next job. Property-backed lines often carry monthly payments instead of daily debits.
What working capital options exist for contractors?
Contractors often use a Business HELOC or equity line for recurring needs, business funding based on revenue, or equipment financing. The right mix depends on your property, cash flow, and how your jobs are paid.
Does checking my options affect my credit?
No. Checking your options on this site does not impact your credit score. A formal application, only if you decide to proceed, may involve a credit inquiry.
Is PrimeNova a lender?
PrimeNova Financial is the customer-facing brand of PrimeNova Solutions, a business finance consulting firm. Financing may be provided by PrimeNova or through our lending and capital partners, depending on the program.
Can I do this in Spanish?
Yes. You can switch this site and the Capital Review to Spanish with the language button at the top of the page.
Important: using property as collateral
A Business HELOC or any property-backed financing uses your property as collateral. If payments aren’t made as agreed, you could lose the property. Rates on lines of credit are often variable, so payments can change. PrimeNova walks you through these risks before you decide, and this is not an approval, rate quote, or commitment to lend.
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PrimeNova Financial is the customer-facing brand of PrimeNova Solutions, a licensed business finance consulting firm. Financing may be provided by PrimeNova or through our lending and capital partners, depending on the program. This is not a commitment to lend. All rates, terms, and approvals depend on underwriting, eligibility, and program guidelines. Checking your options on this site does not impact your credit score. Information on this site is for general education and does not constitute financial, legal, or tax advice.