Helping a Self-Employed Solicitor Secure $5m for New Family Home with Alt Doc Bridging Loan
Occupation
Self-Employed – Solicitor
Location
NSW (CAT 1)
Loan Amount
Peak Debt: $5,000,000
End Debt: $2,000,000
Scenario
Mr. L, a self-employed solicitor, was buying a new family home but hadn’t yet sold his two existing properties. To proceed with the purchase before finalising those sales, he needed a short-term bridging loan.
Due to the tight timelines, Mr. L opted to provide alternative income documents. As a result, traditional banks were unable to assist. He needed to borrow $5 million to fund the purchase, with the expectation that his debt would reduce to $2 million after the sale of his properties.
How did Brighten help?
Brighten offered a tailored Alt Doc bridging loan through the Brighten Connect product. Instead of tax returns, Mr. L provided us with a letter from his accountant to verify his income.
Since Mr. L had already signed sale contracts for his two existing properties, we approved his bridging loan in just 72 hours, providing the fast support he needed to move ahead with confidence.
Brighten Connect is a short-term bridging home loan designed to help Full Doc Prime and Alt Doc Prime borrowers to buy a new property before selling their current one.