Defining the Loan Purpose

31/07/2020 | 2 min

BorrowersBrokers

Defining the Loan Purpose

In this Broker educational series, we sit down with Funding’s Senior Credit Manager, Arrin Bowker, to discuss what is paramount in a private lending loan application. 

The quality of the initial application often dictates the speed of loan approval and settlement. To help brokers and borrowers with their financial planning, Arrin outlines the vital elements of an application and discusses the initial conversation that needs to occur to ensure all parties are across the loan and its purpose. 

This video is part two of a six-part series and discusses why a clear and genuine loan purpose is essential. Arrin outlines the different loan purposes we can assist with at Funding, including:

  • Urgent bridging and short term loans
  • Business and personal loans
  • Vacant land and land banks
  • Equity cash out
  • Commercial property
  • Non-residents and self-employed

Arrin also explains why our credit team (and the broker) needs to understand the loan purpose and uses when reviewing a private lending loan application. 

Watch Video 1: The importance of a great application.

Stay tuned as we release the following videos to sharpen your private lending skills and submit high-quality applications for strategic borrowing.

Video 2 – Clearly outlining the Loan Purpose 
Video 3 – What are Committed Exits? 
Video 4 – Determining the Registered Owners on Title 
Video 5 – How to show Tested Servicing 
Video 6 – Addressing Risks with Mitigants 

Have questions on this video? Feel free to send them through to funding@funding.com.au

Have a scenario you think we can help with?

BorrowersBrokers

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