Download Scenario; An entrepreneur with a complex income…as a PDF
WHO’S THE CUSTOMER?
An entrepreneur with a complex income. A lender will need to use projected income to meet the needs of the customer.
WHAT’S THEIR SITUATION?
The customer has sold the business they owned, after many years trading in private equity. They then started a new venture in the same field, with a business partner. They did this using a vast sum of money as a start-up loan, received from the sale of the previous business.
After a couple of years of trading, this loan has been repaid completely. This business has now only recently been restructured into a group. There is a 50% split ownership between each business partner. Income has increased steadily and the customer wants to use this as their means of borrowing. They would like to remortgage their property to carry out some home improvements.
WHAT PROBLEMS EXIST?
Due to the business being re-structured, most lenders would require the new set-up and structure to have been in place for at least a year before consideration would be given. They would probably decline.
HERE’S HOW WE COULD HELP…
We’d be able to consider the higher income, following the confirmation of financial details from the company’s accountant.
We’d review the sales pipeline and combine this with the customer’s track record and previous success within the industry. We’d be able to offer them the additional finance required to carry out the home-improvements and deliver what the customer needs.
We’ve helped customers in this situation before. If this sounds familiar or any details match one of your client’s situation...we may be able to help.
Contact our Business Development Managers, we’re here to help.
Jean Errington 07483 310314 jerrington@harpendenbs.co.uk
Graeme Aitken 07483 310334 gaitken@harpendenbs.co.uk
harpendenbs.co.uk/intermediaries