Expanding business using equity in a category 3 property
Occupation
Self-employed
Location
NSW (Cat 3)
Loan Amount
$250,000
LVR
50%
Property Type
House
Scenario
Mr and Mrs M own a family jewellery business. They live in their unencumbered property in a Category 3 location.
Mr and Mrs M’s business was impacted during the COVID-19 pandemic as their sales primarily came from cruise ships. They decided to diversify their revenue streams by launching an online store in order to maintain their sales.
Their online store became a big success, but now with the return of cruises, Mr and Mrs M anticipate they may encounter supply issues. Mr and Mrs M are now seeking funding to purchase jewellery equipment to keep up with the increase in demand.
How did Brighten help?
Property located in a Category 3 location is acceptable under our Near Prime full doc product – Brighten Empower. As per policy, Mr and Mrs M provided us with their most recent 1-year financial statements, most recent 6-month BAS, and latest tax assessment.
Since Brighten’s interest rate is calculated based on security, the loan is approved with an owner-occupied rate.
Fees, charges, lending criteria applies.