How a private lender can fill the financing gap
Moving abroad can be an overwhelming nightmare of paperwork and frustrations, but getting settled in a new country is a deeply rewarding experience. Many new arrivals find themselves in a very recognisable situation: they’ve secured the new job, found the dentist, hairdresser, and mobile phone provider, and everything is falling into place.
However, eager investors will soon run into hurdles. The lack of an Australian credit score or financial history means that many traditional lenders, such as banks, will not consider new arrivals for a mortgage. If you have clients that have been refused financing by the banks, a private lender can often assist in these circumstances. Private lenders can be flexible with their requirements and may be able to assist your newly arrived clients.
If you’ve never worked with a private lender, you might have questions – namely, what is a private lender? Generally, a private lender is an organisation that provides financing and loans to companies, much like a bank does. However, private lenders are able to offer a different experience to securing financing from a bank, and there are specific advantages that come with this.
Private lenders can green-light a quick deal thanks to reduced paperwork requirements, and can even offer flexibility on loan types. A client who needs more negotiable terms and conditions may be a perfect fit for a private lender. It’s worth exploring to see if a private lender can offer solutions like shorter loan terms or alternative repayment schedules to ensure your client’s investments dreams can move forward.