A signed lease, a builder ready to start, and a fit-out to pay for in stages.
- Some non-bank fit-out facilities can fund within 2 business days once the lease and quotes are in hand
- Loans from $50K to $2M, sized to the builder's quote and the equipment list
- Cafes, restaurants, medical and allied health clinics, gyms, studios and retail tenants
- Covers builder progress claims, joinery, services, signage and the equipment inside the fit-out
- Full-doc (tax returns), low-doc or alt-doc (BAS, bank statements or an accountant's letter instead) and no-doc options across our 90+ lender panel
The lease starts on a set date, and the fit-out has to be finished first. Rent may begin whether the doors are open or not, and the builder will want paying at each stage along the way. Fit-out finance is a business loan used to pay for the work that turns an empty tenancy into a working cafe, clinic, gym or shop. It can cover the builder's progress claims, the kitchen or treatment rooms, and the equipment that goes in at the end. Joseph Farhat and his team look at the lease, the quotes and your wider position, then tell you plainly what lenders are likely to fund and how quickly.
Who we can help access finance
- Restaurant and cafe operators taking a second site, with the builder's quote signed and a lease commencement date already set.
- Medical, dental and physio practices fitting out new rooms, where plumbing, cabinetry and treatment equipment make up most of the cost.
- Gym and fitness studio owners whose fit-out includes flooring, change rooms, air conditioning and a large equipment order.
- Retail tenants moving into a shopping centre, where the centre manager has set the fit-out period and the opening date.
- First-time operators with years of industry experience, starting a business that has not yet traded.
- Tenants whose builder has issued a variation or a higher final claim, and who need the extra funds before handover.
How Fit-Out Finance Works
Most fit-out builders are paid in stages. A deposit is due before work starts, then claims follow as the work progresses, with a final claim at practical completion, the point where the builder hands the space over. Fit-out finance is set up to meet those claims. Some lenders approve a total limit and release funds against each invoice as it arrives. Others advance the full amount at settlement and you pay the builder from your account.
Lenders treat a fit-out differently to most assets. Once the joinery, ducting and wiring are built into a tenancy, they belong to the premises in practice and have little value to anyone else. A lender cannot sell a finished shopfront to recover a debt. So the decision rests on other things: the turnover of any business you already run, the equity in property you own, your experience in the industry, and the strength of the lease itself. The equipment inside the fit-out is a different matter. Coffee machines, ovens, dental chairs and treadmills can be moved and resold, so they can often sit on equipment finance secured against the items, usually at a lower rate.
Before borrowing, check what the landlord is offering. Many leases and heads of agreement (the short document setting out the main lease terms before the lease is signed) include a fit-out contribution, a rent-free period or work the landlord carries out first, and each one reduces the amount you need. Your lawyer can confirm what the lease commits both sides to, including any obligation to remove the fit-out when you leave. Joseph Farhat and his team review the quotes, the lease and your position, match the file to a lender from our 90+ bank, non-bank, and specialist panel, and manage it through to funding. We are a finance broker, not a lawyer or accountant, so those two remain the right people for the lease terms and the tax treatment of the fit-out.
What Lenders Assess for Fit-Out Finance
The lease
how many years are left, whether there is an option to renew, the rent, and any landlord contribution. Lenders want the loan term to finish well inside the lease term.
Existing trading
turnover and bank statements from any business you already operate, which shows how the repayments will be met while the new site builds up.
Other security
equity in property you own can support the part of the loan that the fit-out itself cannot. If that property is your home, the home is at risk if repayments are not met.
Industry experience
years spent running or managing a similar venue, practice or store, especially where the new business has not yet traded.
The quotes
a builder's quote broken into stages, plus a separate list of equipment with suppliers and prices, so the lender can see what is build cost and what is movable.
The opening plan
projected turnover, the fit-out timeline and the date the lease requires you to start paying rent. Your accountant can help put the projections together.
Your contribution
the share of the cost you are paying from your own funds.
The Fit-Out Finance Process: What to Expect
- Talk to Joseph Farhat and his team about the premises, the lease dates, the builder's quote and the equipment you need. If the timeline looks too tight for the lenders that fit, you will hear that at the start.
- Send the lease or heads of agreement, the staged quote, the equipment list, and recent statements or financials for any business you already run.
- We identify which lenders will fund the build costs, which will fund the equipment, and whether one lender can do both. You see the cost of each option side by side.
- The lender issues an approval setting out the rate, term, fees, security and how the funds will be drawn against the builder's claims. We go through it with you before anything is signed.
- Funds are released at settlement or claim by claim, the equipment is paid to the supplier, and repayments begin on the agreed schedule.
Indicative Finance Options
| Lender Type | Indicative Rate | Security | Typical Loan Range | Loan Term | Speed to Funding |
|---|---|---|---|---|---|
| Bank | From ~8% p.a. | Property security or an established business | $100K to $2M | 1 to 5 years | 2 to 6 weeks |
| Non-Bank Lenders | From ~11% p.a. | Business assets, equipment or a director guarantee | $50K to $1M | 1 to 5 years | Within 2 business days |
| Private Finance | From ~1.2% per month | Property security | $100K to $2M | 1 to 24 months | Available for unique scenarios |
Indicative figures only. Actual rates and terms depend on your project, financial position, property location, and lender assessment at the time of application. Rates are subject to change.
Why borrowers choose Settled With Joe for fit-out finance
We represent you, not the lender
Joseph Farhat and his team act for you from the first look at the quote through to the final claim.
Build costs and equipment split properly
we separate what can be secured against movable equipment from what cannot, which can bring the overall cost down.
Funding timed to the builder
we look for a lender whose drawdown process matches the way your builder issues claims, so a claim is not left waiting.
The lease read with lending in mind
we check the lease term, options and landlord contribution against what lenders will ask before the file goes in.
One application to the right lender
each credit enquiry is recorded on your file, so we approach the lender most likely to fund a fit-out like yours first.
90+ lenders on one panel
bank, non-bank, and specialist, matched to your trading history, your security and your opening date.
Your lawyer and accountant stay involved
we work alongside the people checking your lease and your projections.
Private finance for unique scenarios
where bank and non-bank lenders are not the right fit, we can introduce you to private finance options.
Usually no direct cost to you
as a broker we are typically paid by the lender on settlement.
An honest answer early
if the builder starts next month, talk to us now and we will tell you what is realistically achievable.
Frequently asked questions
What is fit-out finance?
It is a business loan used to pay for the work that turns a leased space into a trading business. That includes partitions, joinery, flooring, plumbing, electrical work, air conditioning, signage and the equipment that goes in at the end. The loan is usually drawn to meet the builder's claims as the work progresses, and repaid over a set term once you are trading.
Can a fit-out be used as security for the loan?
Generally only in a limited way. Built-in work such as walls, cabinetry and services cannot be removed and sold for anything close to what it cost, so lenders give it little value as security. They look instead at the turnover of a business you already run, property equity, a director guarantee and the lease. Movable equipment is different and can often be financed against the items themselves. Joseph Farhat and his team will show you how lenders on the panel are likely to treat each part of your quote.
Can I fund a fit-out before the business starts trading?
In some cases, yes. A business that has not traded has no turnover for a lender to assess, so the file leans on other strengths. Those can include an existing business with its own trading history, equity in property, years of experience in the same industry, or a substantial cash contribution from you. Funding a brand new business with no other security and no industry background is harder. Offering your home as security for a new business puts the home at risk if the repayments are not met, so get independent legal advice before you do. We will tell you early which lenders are likely to consider your file.
Can the equipment go in the same loan as the build costs?
Sometimes. Some lenders will fund the whole fit-out, equipment included, under one facility. Others prefer equipment on its own finance agreement, such as a chattel mortgage, where the business owns the equipment from purchase and the lender holds security over it. Splitting it this way often lowers the rate on the equipment and leaves a smaller unsecured amount for the build. Your accountant can confirm how each structure affects GST credits and tax. Joseph Farhat and his team will price both ways so you can compare them.
What does the lender need to see from the lease?
Most lenders ask for a signed lease or an agreement for lease, and they read it for a few things. The remaining term matters most, because they want the loan repaid well before the lease ends. They also look at options to renew, the rent, any landlord fit-out contribution or rent-free period, and what happens to the fit-out at the end of the lease. Your lawyer is the right person to explain your obligations under the lease.
What should I check with the landlord before applying?
What the landlord is putting in. A fit-out contribution, a rent-free period or works completed before handover all reduce the amount you need. These are usually set out in the heads of agreement or the lease. Joseph Farhat and his team will size the application around the remaining gap.
Can I get fit-out finance with low-doc or no-doc?
Often, yes, where there is something else for the lender to rely on. An operator with an existing business can usually be assessed on recent bank statements or BAS rather than full tax returns. No-doc options generally need property security and cost more. Joseph Farhat and his team will tell you which lenders accept which documents for your fit-out.
Do you work with borrowers with bad credit?
Yes, we do. A default, an old arrears listing or a judgment does not rule you out, and it is not something we will make you feel awkward about. Several lenders on our panel weigh your industry experience, your existing trading and any property equity more heavily than the credit file, and will price for the risk rather than decline it. What helps most is telling us early, so we approach the right lender first instead of adding enquiries to your file. Joseph Farhat and his team will tell you honestly what is achievable before you apply anywhere.
Why work with Settled With Joe to arrange your fit-out finance?
Because you get one conversation instead of a round of applications. Most of the people we help with fit-outs are business owners and company directors opening a cafe, restaurant, clinic, gym or shop against a fixed date: a lease commencement, a shopping centre opening, a builder who needs a deposit before starting, or a final claim that came in higher than the quote. Those situations are not unusual to us and there is no judgement in the conversation. What matters to lenders is the lease, the trading or experience behind the new site, and how the repayments will be met while it builds up. Our panel covers 90+ bank, non-bank, and specialist lenders, so a well-documented file can go to a bank at a sharper rate, and there are still options when the scenario is complex or the money is needed this week. We are based in Sydney and work with borrowers Australia-wide. Joseph Farhat and his team will tell you honestly and early whether we can help and what is realistically achievable in your timeframe.
Do you give financial advice?
No. We do not guide you on your finances, nor give financial advice. We focus on outcomes and solutions of presenting your unique scenario to the right lender so you can access funding in a timely and compliant manner.
Do you help with fit-out finance outside Sydney?
Yes. Settled With Joe is based in Sydney and arranges fit-out finance Australia-wide, covering both metro and regional areas. We work with tenants in Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra, as well as regional areas including Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast, and Toowoomba. Lender appetite can vary by location and by industry. Joseph Farhat and his team will identify which lenders on the panel are the best fit for your premises and opening date.
