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In another life, and this is going back almost 20 years, I held a delegation to approve both consumer and business finance at the CBA. So don’t take all my comments as matter of fact as some will be outdated, although the principles I suspect should generally be the same.
Loans have 2 facets – security, and the ability to repay.
In relation to security, you are well over the thresholds,. Having worked on the property and making 100 /150k worth of improvements for the proposed business does not automatically add that much in additional value to the property. Probably very little based on what you are proposing to do.
In relation to ability to repay, well that depends on both existing income as well as that to be earned from the new business. Don’t know any of that based on your comments here, but, if I was assessing, weight of the existing income would far outweigh anything proposed from the new business.
Can’t comment on the broker, but based on the information you have provided here, I wouldn’t approve a loan for you. I say that without knowing any income information. That would have to be extremely strong with certain guarantees to overcome the security shortfall, and even then I doubt I could get that approved.
As it has been so long, I am really not sure of the private financing options available to you, but I would think that banks, in the main, would pass on this. Perhaps some of the accounts here, or your own, may know of more cashflow type lending outfits.