PERTH & MANDURAH 08 9367 4222

08 9367 4222

shutterstock_139200056Launch Finance recently helped a group of clients with a unique situation, in which they were trying to build on a commercial block of land and wanted to do some of the work to the property themselves. Through our vast range of lenders, Launch Finance was able to connect these clients with a suitable lender to suit their unique circumstance.

When these clients first came to Launch Finance, their current lenders would not allow them to build on a commercial block of land and do some of the works themselves, due to policy and procedures within the banks.

Launch first approached the two existing lenders that each party banked with to assess the situation. After going through the full application process with both lenders, they both decided they could not help.

Not letting this stop us, we did some more research and were able to find a lender that would use a residential security to fund the construction. This allowed them to manage the build themselves and do some of the work themselves, saving them a lot of money.

We were able to access this deal through a bank that allows cash out on a residential security for commercial use. This is not available through the major lenders.

Through this niche lender, we were able to save the client from paying an interest rate of 10.50% on a short term loan. The savings from this allowed the clients to have valuable cash flow money during the build process and saw the client able to build a property for their business. This will be invaluable to the business in the long-run as it allowed the clients to stop renting at a higher rate of rent and set-up a loan for a more sustainable, permanent place of business well into the future.