Belinda came to us seeking $20,000 to $50,000 in working capital. She needed the funds quickly for a particular project but her ABN (Australian Business Number) had only been registered for 3 months.
Belinda and her husband had a property that they could use as security with a major bank.
But there were difficulties we needed to work around.
Her husband’s financial situation was complex, so they didn’t want to have him involved if possible due to all the paperwork (tax returns etc.) that would be required from him.
Another issue was that the current major bank wasn’t likely to extend further lending as the husband’s business was all tied up with them.
Refinancing the property to another lender was an option, but the costs to refinance for a small amount didn’t make it worthwhile and the timeframe was too long for Belinda.
Fortunately, Belinda receives a weekly distribution from her husband’s company into her bank account, so we used that and rental income from investment property to show she has a steady income.
We assisted Belinda with a personal loan that was put in place in a matter of days. She was happy and cannot thank the team at Clever Finance enough as she received the funds in a timely manner.
Needs funds for a project? Or do you want to buy your first home, add another property to your portfolio, or refinance your home loan? Let us help you. Book a call with us!