I recently helped a client who was let down by his current lender. He was referred to me by one of our valued clients here at Chan & Naylor Finance in Melbourne.
Before I met the client, he had recently purchased a property at auction for $1.365m. He required a loan to complete the purchase so he proceeded to contact his current lender. Unfortunately, his lender, who holds a $2.5m property for an $80k business overdraft was unable to assist without his 2018 financials and therefore declined his loan.
So, of course, I decided to give it a shot. I lodged his loan with another lender and waited for the result of our loan application. Initially, the new lender also declined the loan, and on a Friday afternoon! I definitely didn’t enjoy that weekend. However, being in this business for a number of years, my past experiences have taught me that when a lender tells you no, don’t assume they’re right. Be aware of your figures, and persevere.
And that’s exactly what we did. For two weeks, we went to and fro with the assessor. We diligently explained our client’s financials as they were quite complex. He had five entities in total!
Nevertheless, due to knowing the client’s figures and fighting the good fight, the loan was approved. Furthermore, he had his property settled just today! It is definitely going to be a much better weekend tomorrow.
Lucy Ramunno Finance Broker, Chan & Naylor Finance Melbourne
Need help with your property loan in Melbourne? Please contact Lucy Ramunno on 03 9370 4800, or submit a Finance enquiry to the Moonee Ponds office.
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