It is imperative for lenders to get to know their customers and most importantly their financial objectives. At Launch Finance we pride ourselves on our personal approach as it allows us to understand their needs, wants and aspirations. It was this dedication to understanding our customers that allowed us to assist a client recently with an alternative solution to their problem.
We recently had a client who had been declined from two different lenders for a loan on their dream property. Hearing that you can’t have your dream property is devastating news for anyone to hear.
This client was referred to us by the lender in the hope that we could help them. After sitting down with the client to understand the whole scenario, we learnt that this client was a school teacher with 4 properties and had only sold 1 property previously. The large lenders were only looking at their serviceability, which is a person’s ability to repay loans with given resources and within a specified timeframe, and this client’s serviceability was poor, hence the multiple declines from lenders.
After getting to know the client and discussing their options, we discovered they would be willing to sell one of their investment properties to get their dream property. This is the benefit of taking the time to get to know our clients and look outside the box to discover alternative solutions.
With this option available, Launch Finance was able to map out an exit strategy with her existing lender, which then allowed us to put together a bridging loan that would be paid off through the sale of their investment property. One of the big benefits from this was refinancing their existing loans to reduce their debt towards retirement. This could ultimately alleviate financial pressures in the future and open up more possibilities for achieving more of their financial objectives going forwards.