We recently had a phone call from a client (Let’s call him Jim) who is self employed and was interested in purchasing a vacant block of land. Jim had been working with a particular business banker who was assisting in the purchase of the land.
Jim was a long standing customer and had all his loans and banking services with this bank so he was confident he could get the loan he wanted. To his surprise when Jim approached the banker about getting another loan, the banker reviewed his details and replied to Jim’s inquiry saying it was not possible for him to get access to a loan for this property.
After this answer from the bank Jim had given up hope of purchasing the block of land.
Jim was referred to LadyBird Home Loans by a local Real Estate Agent, and figured it was worth a shot. He sat down with one of our Advisors, they assessed his self employed financials and circumstances and decided to go ahead with the loan for the property. Our advisor got Jim his loan approved through the exact same bank that had originally dismissed the idea. Jim was able to purchase the new block of land with the help of our Lady Bird Advisors.
Learn from Jims endeavours, if you are self employed don’t risk your next transaction by speaking to your bank, talk to us at Lady Bird Home Loans.