Empowering a Self-Employed Borrower with a $5M Alt Doc Prime Bridging Loan
Occupation
Self-Employed IT Consultancy
Location
VIC (CAT 1)
Loan Amount
Peak Debt: $5m
End Debt: $2.5m
LVR
Peak Debt: 70% LVR
End Debt: 65% LVR
Property Type
Established House
Scenario
Mr. J set up his own IT consultancy company two years ago after working in the industry for 10+ years. As a result of his business’s success, Mr. J decided to purchase a new family home valued at approximately $7 million.
Needing to move quickly, Mr. J was looking for bridging financing until he could sell his current home, valued at approximately $4 million with an existing mortgage of $2 million. An additional hurdle Mr. J faced in the urgency to secure the property was not being able to prepare his business’s financials in time.
How did Brighten help?
Brighten was able to offer Mr. J an effective solution with our Brighten Connect bridging loan product, which included an alt doc prime end debt. Brighten accepted a letter from Mr J’s accountant to verify his income and approved a $5 million loan at 70% LVR.
After securing the new property, Mr. J has up to 12 months to sell his existing property. Upon a successful sale, he can use the proceeds to repay his existing $2 million mortgage and the bridging loan, which will result in an end debt of $2.5 million at a lower interest rate.
With Brighten’s bridging loan solution, the interest budget is retained, and no repayment is required during the bridging period. This enabled Mr. J to purchase and move into his dream home without financial disruption, allowing him to upsize smoothly and continue focusing on his growing business.
Fees, charges, lending criteria applies.