Lana has been in business in a new company structure since September 2016, previously as a sole trader. Lana set up her Hair Dressing and Beauty business in North Perth and is expanding at a rapid rate. She set up a private loan to a builder to repay the amazing fit out that was completed when she took out the lease in late 2016. She is able to repay her private loan over $2000 per week plus fulfill her tax and wages commitment.
Lana approached Verge Finance as she wants to secure a business loan to repay her builder in full and was turned away from her business bank. She was unable to evidence her income from her profit and loss as she didn’t have the two years traditional trading history that the major business banks require.
We were able to find her a lending solution that was unsecured based on a common-sense approach – last six months business banking trading statements showing her exponential earnings, the private loan commitments were met and the company’s current tax portals confirming the tax was not outstanding.
Now that Lana has a business loan and the repayments are serviceable, she has sufficient capacity to apply for a home loan. Lana will have a business loan repaid in the next year and in the process of purchasing her dream home and this will all be achievable within the first two years trading in her new company.
Chat to the team at Verge Finance if you’re having similar difficulties to Lana in obtaining finance for your business banking.