Bluestone Mortgages has introduced a new product aimed at the self-employed and SME market. Business Easy will help Australia’s small business owners by providing lending solutions to assist their businesses, even if they have only been trading for a short time.
Following the Federal Government’s budget and its announcement of positive changes for small businesses including accelerated depreciation and tax cuts, Bluestone is also supporting Australian business owners by assisting them in securing loans that can help fund their business. The Business Easy product allows a small business owner to take out a mortgage that can then be drawn down to manage their working capital.
“Our new Business Easy product has been designed with the small business owner in mind,” said Campbell Smyth, CEO of Bluestone Mortgages. “It can be difficult to get finance approved when you’ve only been in business a short time so we are helping the self-employed who have been trading for less than a year, even as little as three months.”
Business Easy is suitable for both clear credit and credit impaired borrowers and is available now. Bluestone Mortgages is one of Australia’s leading specialist lenders, providing innovative solutions to a broad cross-section of borrowers who have been unable to secure finance from mainstream lenders.
Here are a few examples of how Business Easy can help:
New home purchase, new business
Tim has a pizza shop that has been operating for three months and he now wants to buy a new home. He spent his savings setting up the business, so a relative gifted him a deposit. Tim has clear credit but other lenders were not prepared to approve the loan due to his limited savings history and lack of two years’ financials. With a Business Easy loan, Tim was able to achieve his goal and he was not required to pay Lender’s Mortgage Insurance.
Business expansion, irregular income
Builder Josh quit his salary paying job. He has 17 years’ experience had started his own consultancy business. He earnt $40K with his first contract and another $25K with a second contract and expects to earn $125K in the first year. Josh now wants to establish an office and employ an assistant to take his business to the next level but he needs working capital. His own cash reserves were used to set up the business and he has sufficient equity in his home. His current bank declines him due to the irregular income and short time he has been in business (8 months), so he approaches a mortgage broker who helps in sourcing the required finance with a Business Easy loan. His credit is clear and with an interest rate of 6.89%, it represents a much cheaper alternative to an overdraft which his bank did offer.
Credit impaired, debt consolidation with new business
Following a failed business venture, Paula paid outstanding creditors using a mixture of credit cards, personal loans and family loans. Monthly repayments are high, so she wants to consolidate these debts and start again with her new catering business. Paula has had trouble obtaining the finance from other lenders because of one past default and limited financials. By refinancing with Business Easy, Paula’s debts were discharged, her total monthly repayments were reduced by several hundred dollars a month and she was able to use the equity in her home to expand her new business.