Running a small business can be challenging enough, without the worry of managing finances or sourcing additional working capital.
I saw some recent statistics at a lender roadshow recently which has seen a dramatic fall in the number of low documentation loans being written by the major banks. Like 23 Billion dollars less in one financial reporting period. This was comparing 2008 to 2014 for the same period.
That is huge.
Low documentation loans really are now are a specialist lenders area, a lender who can look at each business individually, the type of business it is, what its running costs are and how it has been performing recently.
There are lenders who can meet the needs of self -employed borrowers if they have equity in residential property.
From those who have been trading for as little as 3 months, to borrowers with irregular income that a normal bank won’t use to verify income as they take a 2 years average.
We can also source a lender who will allow credit impairment, debt consolidation including ATO debts.
As a self employed person you need to be on the front foot and be prepared to look at alternative funding sources in order to move forward and/or improve your current credit arrangements. And you may be pleasantly surprised at the end solution, rate and repayments to move forward with.
Contact us for proactive, smart solutions structured around a purpose built product suite for the Self employed.