Applicants operate their business from their own commercial premises and on advice from their accountant were seeking funding to refinance their existing commercial loan with loan with the intention to access equity to buy additional stock in readiness for a trade fair.
Additionally, they required cash out to clear current trade debtors in order to free up business working capital and set up a debtors finance facility. Applicant’s credit file revealed a paid default due to dispute over trade account. Applicant’s financial had not yet been completed so income was vertified via Accountant’s declaration and a borrower repayment declaration.
Solution: Loan was approved under our commercial Lite Doc product at 70% LVR under our PRIME risk grade with a 25 years loan term with no periodical reviews.
