Our banks do a great job for those who fit into their lending criteria, or in other words have enough income to service the loan and sufficient home equity or savings to meet the bank's requirements. But when you can't meet these requirements there are other options for you.
Thompson McNeill has relationships with many other lenders who have different criteria and can often assist with a loan for that house. You may not meet the bank's loan criteria or you are newly self employed without financial data or perhaps you have some bad credit issues.
Let's look at some examples:
Mr Smith, a property investor wanted to buy the townhouse that is connected to his own home. The townhouse was for sale on an "as is where is" basis. He went to his own bank to borrow the full amount using the equity he had in his other properties. The bank would only lend him a portion of what he needed, due to it's rules relating to loan to home value rules. This meant that Mr Smith was $50,000 short. Sandra at Thompson McNeill was able to arrange a loan with another lender for the $50,000 required to complete the purchase. As mortgage security could not be provided, our new lender placed a caveat on the property to meet the security requirements - a great solution!
Mr & Mrs Jones have seen their dream home. They signed a sale and purchase agreement subject to selling their existing home within six weeks. The time passed quickly and they were unable to sell within the required period. They contacted Sandra at Thompson McNeill who began looking for a solution. So what happened next?
The confirmation of finance was extended by four weeks to enable Sandra to find a lender that would approve bridging finance for up to twelve months and so give them much more time to sell their property. The lender allowed the loan to be on an interest only basis with the interest added to the loan for the first six months. This of course meant that they only had to pay one mortgage for the first six months. Once the house sold the bridging finance was repaid and they were then approved a home loan for their "dream" home. Mr and Mrs Jones are very happy people!
Want to progress your business but need more working capital?
It can be difficult setting up a new business as it always has a need to have more and more capital while sales turnover grows. Existing businesses also need funding for various things - and sometimes need it now!
When you need to upgrade computers, buy stock, employ staff or just purchase a more appropriate vehicle, Thompson McNeill has many options to enable you to access funds quickly and without the need to provide security and a lot of financial information. If you are not in a position to get a loan from your bank contact us - we have lenders who can help you.
John has just started a business working from home. His vehicle is an old truck and he needs something much better and more reliable. He has searched on Trade Me and found the vehicle he needs. He heard about Thompson McNeill and how they do business lending - so made contact. It took less than 30 minutes to get a loan approval subject only to identification requirements and some of his recent bank statements. He has been able to negotiate a great price for the car and is now happily driving it!
If you need finance - don't wait - call Thompson McNeill today! (03) 281 8605