Mortgage Case Study
Business growth, latest years
Ben Cooper of KN Signs had been overhauling the family business for the last few years. To increase output and to be able to compete in new markets Ben had invested heavily in state of the art computers and printers. Now in a position to finally buy his first home Ben approached his business bank manager to discuss his options. Despite his long standing relationship with his bank they were unable to offer any lending at all, even though the latest years accounts were showing a very healthy profit. The banks underwriter reviewed his last 3 years accounts and whilst the current year was excellent, previous years showed minimal profit due to the investment made to the business.
After receiving a recommendation from a business contact he spoke with Seico and we quickly used our knowledge of the market to identify a lender that would simply use “common sense” underwriting. With an overview of costs incurred the underwriter could clearly see that Ben’s family business was going in the right direction and as such was prepared to work solely on the latest year’s figures. The application was turned around inside 10 days and Ben was able to complete his purchase inside 6 weeks.
Standard MortgageEmployed and just looking for a straight forward mortgage? Whether you are just starting to look for a property to purchase or have found “the perfect one” and are ready to make an offer here is a huge benefit in using Seico Mortgages to source the right deal for you. |
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