Self Employed “Brad” got declined by his bank. What happened next?

Self Employed “Brad” got declined by his bank. What happened next?


So I’ve got a client, Brad. He’s sitting on his property this Friday,
and he’s really, really happy. But when he first came to me,
he had a massive problem, which meant that he wasn’t approved for
the loan. Hi, my name is Daniel Lipman, iRefi,
mortgage broker. When I first spoke to Brad,
his current bank wasn’t approving him for lending, because he is self-employed. So he’s been self-employed for only 12
months, and the bank he first approached requires a full 24 months of verified
income via accountant-approved financial
statements. Now, he came to me trying to solve this
problem, and we had a good look at it. We decided the best way forward was for us
to get verified accountant projections, based on his next 12 months. And we actually got in touch with the bank
who we knew would be keen to look at the application. They gave us a thumbs-up and we
sent it through. And within a couple of days,
he was approved, based on those documents we collected. So I think the main point here is if your
bank’s saying no, don’t stop there. Make sure you talk to all the banks,
because they can be very different in terms of the policies and the products
they provide. Most likely case is that it’s not actually
a “you” problem, it’s a bank problem or could be a bank solvable issue by looking
at, you know, the wide variety of lenders that we’ve got here in New Zealand. So considering that,
make sure you have checked everyone. And if you’re too busy to do so,
like many of my clients, just make sure you give me a call,
and we can do all the work for you. Cheers.

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