Help for Those Who Can’t Get A Bank Loan

Jun 2nd, 2015

Help for Those Who Can’t Get A Bank Loan

Jun 2nd, 2015

The reality of life is that not all people have an impeccable credit history.

There are those whose credit card debt has escalated or who have mortgage repayment defaults. Some may be people with start-up businesses or who are self-employed – they may be successful at their businesses but have not kept adequate financial records. Marriage break-ups, sickness or other life difficulties can also impact on a person’s credit history and mean they are at a disadvantage in seeking a loan from a bank.

But not all is lost. There are options for those who don’t fit the mold for traditional bank lending and who can get the leg up they need to restart them on a path to better financial security.

As a boutique brokerage, Home Loans & Finance Group understands that financial situations do not always conform and so among our suite of lenders are non-bank or risk lenders.

Working with these lenders, Home Loans & Finance Group assesses a client’s financial scenario including the loan to value ratio, credit impairment and mortgage or rental repayment history before determining an interest rate. Care is taken to ensure the repayments do not put the borrower under financial hardship and that they can get the financial break they need.

Home Loans & Finance Group has recently assisted a small business owner with a retail outlet that burned down and who, for varied reasons, did not have sufficient financial records to satisfy bank lending criteria. This client now has a loan and is on the way to re-building their business.

Over time, as a client’s financial position and credit history improves, we may be able to convert them to a traditional bank loan, which may offer better interest rates or more flexibility. But in the meantime, the non-bank lender has enabled that client to get back on the right track financially.