Launch Finance recently helped a client secure an investment property after being previously declined from another lender based on lack of evidence of genuine savings. The client came to Launch Finance seeking a solution to their problem in obtaining a mortgage loan of 95% of the total value, plus Lenders Mortgage Insurance (LMI), which was required, as they did not meet the 20% deposit requirement.
After discussing the problem with the client, Launch Finance provided a solution to their problem as they utilised their knowledge and experience in the industry to identify that the client actually did actually have proof of genuine savings, however they just did not submit it to the previous lender.
Launch Finance requested the further paperwork from the client and put some comprehensive notes together before submitting the application to another lender. Launch Finance were able to find a lender that would offer a 95% mortgage loan for the client, plus Lenders Mortgage Insurance on their investment purchase. Through reworking the application, requesting further paperwork, and highlighting the clients’ proof of genuine savings, the client was able to secure the investment property that they were seeking.
Launch Finance also assisted the client in receiving an even better loan than they had expected, receiving a 95% loan value ratio, saving the client from having to contribute more cash, which was already invested in other areas. The client received very competitive interest rates with an offset facility and happily secured their investment property.
Often, clients come to Launch Finance after being turned away from lenders because the evidence they have provided is not enough to warrant the repayments. However, as experienced Mortgage Brokers, Launch Finance understands what paperwork is necessary to show proof of these genuine savings. Each Broker assists their clients in providing this to ensure guaranteed approval for the loan they desire. Launch Finance utilises their wide knowledge of the industry to contact the right lender for their financial situation, meaning the client will receive the most appropriate loan to save them time and money.