CASE STUDY – Hospitality Business Owner $500K
Meet Julie from Melbourne, business owner with over 15 years’ experience in the hospitality industry seeking $370K for the purchase of a new franchise.
Age: 43 years’ old
Occupation: Company Director for the past 15 years
Income: Last 2 years’ taxable income is $195K & $207K
Assets: House in Melbourne Valued at $990K
Liabilities: Low doc loan $100K business loan $30K (secured against the home)
Credit Status: Paid commercial default listed on credit report for $51K registered in July 2011.
Julie requires $300K for the purchase of a second franchise to expand her business, plus an additional $70K for working capital of her new store. Julie does not have her 2015 financials but can demonstrate profit has increased substantially to $210K.
Julie qualified for a major lender Low Doc product for $500K – this included consolidation of low doc and business debts. Our ending looked beyond Julies past and more on the stability and longevity of her principle business, equity in property and industry experience.
Julie was able to choose from 3 different supporting document options either 6 months’ business bank statements OR 6 months BAS OR her Accountant can complete an Accountants letter.
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