Hear from a lending expert for self employed business owners, James Chatfield Director of Chatfield Consulting Lending Specialists.
Mortgage lending for busy business owners can present a different set of requirements when sourcing a loan for property, equipment finance or overdrafts. To access the best opportunity for you here are my top 5 recommendations.
1. Use an experienced Broker who specialises with Self Employed Business Owners
High interest rates, poor loan structures, strict terms or substandard products are not the only options available in the market place for business owners. If you want access to a range of competitive interest rates and products use a Broker who is experienced in sourcing loans for Self Employed people and look at all your options.
2. Understand your requirements for lending
Again here a good Broker will clearly outline what you need in prior to application. If your application lacks the necessities then be sure to highlight what is needed in order for you to prepare for lending.
3. Up to date Tax Returns
The most vital instrument for lending without it the lenders are unable to see the success of your business. A minimum of 2 years financials is required to give a clear overview of how the business is performing.
4. Be selective
A number of products are available in market place designed for self employed business owners who typically don’t have the paperwork for loan applications that an employed person would have access to. Although it may not be your only option it may provide the solution you are after
5. Weigh up your options
Although sourcing lending options is well known to be difficult for business owners you may need to compromise to access a loan. Such as, a higher interest rate or a different lending institution if you lack the required criteria for lenders. Once you have more proof of paperwork and lending history your options may increase in the future.
Chatfield Consulting understand the pressure of running a small to medium sized business and we appreciate that you probably don't have the time to shop around for the best loan options. We also understand that being self-employed may require various types of finance ranging from Commercial Property Loans, Business Overdrafts to Motor Vehicle and Equipment Finance. Whatever your business finance needs are, we can find a solution for you. Chatfield Consulting are specialists in this field so if you would like to have your own quasi "bank manager" ensuring the funds are available when your business requires them - contact us today.