We specialize in sourcing funds for you especially if you fall outside the Bank’s lending criteria. There could be a number of reasons this may apply to you and often it’s necessary for only a short time frame, until your circumstances change.
Here are some of the reasons a Bank may decline you loan application :
- Client may have no proof of income – maybe they are self employed or their accountant hasn’t completed their books yet.
- Not enough income to service the loan – their accountant is an expert at minimizing their tax liability, but when it comes to borrowing money, the Bank only uses their income as per their books.
- Credit issues or blemishes – for a variety of reasons this can occur, but after a short period of time these will disappear.
- The loan total as a percentage of the value of their property may be too high for the Bank.
- Servicing of your loan may be outside the Bank’s criteria.
- Client may have a strong income but no deposit.
- Client is a property developer.
- Commercial property is being used for security.
- Client may have a tax liability and the Bank won’t lend any money to pay for it.
- The land size may be too large or does not fall into the Bank’s criteria.
- Purchase of raw land, with no proof of income.
- Buying out their partner in a matrimonial split without proof of income and with a few credit issues or blemishes.