Raising money for business purposes
Client Circumstances:
- Residential property worth £450,000
- Existing mortgage of £237,000
- Wanted to raise an additional £75,000 for business purposes and to consolidate debt
- Clean credit record
Issues - The Client:
- The husband showed an annual income of £23,000; his wife had no income
- Couldn’t prove sufficient income to support the application
The Solution:
- The client’s business was in fact doing better than was reflected in their accounts. Their accountant had proof that current trading was significantly improved and their forthcoming accounts were predicted to show an income of £49,500.
- We could source two lenders who would work on projected income and therefore managed to secure the additional £75,000 needed by the client.