Self-employed clients need mortgage brokers to secure funding. Meet three tradesmen growing their business with Bluestone Mortgages.
It can be challenging enough starting a small business and running it without the worry of sourcing additional working capital. For the self-employed it can be especially tough to find a lender willing to give them a go, even if the business has started out strong.
As a broker, it’s important to understand the borrower’s situation and explore solutions that are available for them. Self-employed borrowers have specific needs and there is a real opportunity to inform and educate this underserviced segment so they are aware of the funding solutions that are available to them.
Bluestone is cementing a reputation in the mortgage industry as the lender of choice for brokers looking to secure funding for self-employed and small business clients. They have a range of lending options designed for this market no matter what stage the business is at: recent business start-ups (ABN >three months) to mature businesses looking to expand their operations.
Here are three scenarios which demonstrate some of the solutions that Bluestone Mortgages can provide:
Tim is a plumber who started a new business that had only been operating for three months but he wanted to buy a home. Tim had spent his savings setting up the business but a generous relative gifted him a deposit. Tim has clear credit but found it tough to obtain finance due to his limited savings history and inability to provide financial records. With a Bluestone Business Easy loan, not only did Tim buy a new home, the loan he secured allowed him to put extra money into his business.
Builder Josh quit his salary-paying job and started his own building consultancy business. He earnt $40,000 with his first contract, another $25,000 with a second contract and was able to earn $125,000 in the first year. Josh wanted to establish a home office and employ an assistant to take his business to the next level, but he needed working capital. His cash reserves were used to set up the business but he does have equity in his home. His current bank declined him due to the irregular income and the short time he had been in business (12 months) but with a Lite Blue loan from Bluestone, Josh was able to secure a much cheaper alternative to the overdraft that his bank had offered.
Following a failed business venture, Paul paid outstanding creditors using a mix of credit cards, personal loans and family loans. His monthly repayments were high and he was having trouble obtaining finance because of a past default. By refinancing with a Bluestone loan, Paul’s debts were paid reducing his monthly repayments allowing him to start making plans for his next business venture.
Bluestone Mortgages is one of Australia’s leading specialist lenders, providing innovative solutions to a broad cross-section of borrowers who have been unable to secure finance from mainstream lenders.
For more information on how Bluestone can help your self-employed customers, contact your local BDM, visit bluestone.com.au or call 13 BLUE (13 2583).