At Finance House Group we’re committed to helping accountants meet the financing needs of your clients. Your unique perspective and in-depth knowledge of their situations, coupled with our knowledge of the lending industry, and the relationships we’ve developed within it, mean we’re able to serve borrowers with the best possible scenario for them.
In this series, we’ll highlight some of the interesting, exciting, feel-good examples of finance deals our specialists have been able to close.
This week’s deal was put together by Geoff Partridge, one of our brokers in Perth, in just seven days! Geoff was contacted by an accountant whose client had the opportunity to buy a home he’d been coveting for years – because it was the one right next door to his current home.
Once again, this client had sought home-loan financing through one broker, who in their hunger to sell new business had tried to move the client’s existing loans and the new deal over to a new bank. The broker and client spent hours putting the deal together, only for the new bank to decline it.
Puzzled, because the accountant knew that his client was a strong candidate for financing, and that they had a good relationship with their existing lender, the accountant reached out to FHG for some guidance.
Geoff immediately saw that the best course of action was to go through the client’s existing finance providers. With 30 days already on the clock, time was off the essence. This deal needed to happen fast, or the long-sought-after opportunity was going to slip the client by.
By working closely with the accountant to prepare and present financial information to the lender and work closely with the client’s banker, finance was approved in just seven days!
How? The first step was leveraging the knowledge that the accountant had of their client, and the relationships both entities had developed with the client’s existing banker.
Geoff was able to structure the deal using bridging finance and cash on hand and used FHG’s unique digital technology to extract accurate earnings data from the client’s bank statements directly.
With the numbers laid out clearly, it was a no-brainer for the bank to continue supporting their client, and they were able to purchase the home they’d lusted after all these years.
The accountant was thrilled, and the client ecstatic, as his dreams went from dead in the water, to happy reality in a single week.
To find out Finance House Group can help you serve your clients and grow your practice with its own, in-house financing arm, contact us today.