How refinancing helped a self-employed to reduce their debts
Occupation
Self-employed – Construction
Location
NSW
Loan Amount
$1.4m in total
LVR
62% & 69%
Property Type
Houses
Scenario
Mr P is a self-employed borrower who owns several demolition companies in Sydney, with some of them being registered with ABN for less than 2 years.
He owns two properties with a combined value of $2.27m, and the outstanding loan amount on both properties is $1.3m.
In addition, he has a $30,000 personal loan and $68,000 in outstanding personal credit card debt. He is looking to refinance and pay off his personal loan and credit card debts.
How did Brighten help?
Since Mr P needed to utilise all of his companies’ income to service the loans, he provided Brighten with the 1-year financials for his companies.
Brighten offered Mr P a refinance and debt consolidation solution through the Full Doc Near Prime product, Brighten Empower. This solution enabled him to fully pay off his personal loan and credit card debts.
Fees, charges, lending criteria applies.