CASE STUDY – Transport Business with Paid Default $180K
Peter from Perth, a business owner of 10 years was seeking to access cash for a business expansion in the transport industry.
Age: 35 years’ old
Occupation: Company Director operating a transport business for the last 10 years
Income: Last 2 years’ taxable income is $106K and $166K respectively
Assets: House valued at $895K
Liabilities: Current home loan $420K and business loan $105K (secured against his home)
Credit impairment: Paid commercial default listed on CRAA for $66K registered just over 24 months ago
Peter needed $160K to purchase some new trucks to expand his business, however he did not have his most recent financials completed, but informed us he had secured a new contract which would increase his income substantially to $280K
Peter was able to qualify for a Low Doc product through one of our specialist lenders.
With a loan size of $685k at 76% LVR, Peter was able to LMI (Lenders Mortgage Insurance)
Peter was able to choose from 3 different options when providing income documentation – 6 months’ business bank statements OR 6 months BAS OR his accountant could complete our lenders accountant’s letter.
Do you have a similar situation?
At G-Force Finance Solutions, we have access to over 30 Lenders and Banks Australia wide together with a dedicated and highly experienced team who are committed for finding a finance solution.