Proving income for business owners can be a challenge at the best of times, but what happens when your client wants to use non-refundable gift card sales as income for their home loan application?
When broker Connor Summers had a complex alt-doc client recently, help was on hand in the form of Bluestone’s Heidi Hayward. Heidi was able to conduct an in-depth analysis of his client’s financial situation and identify the best way for them to represent their financial situation fairly.
The result? A happy client who was able to move forward with a lower fee structure and interest rate than other lenders were offering.
Read what Connor had to say about the deal and his experience with Bluestone here.
What was the customer’s situation?
The customer had a complex financial situation with >20% deposit and a self-declaration supported by 6 months’ business bank statements to provide the best representation of their ongoing financial position.
The solution allowed the applicant to move forward with a lower fee structure and interest rate than with other lenders. The upfront valuation was completed and the BDM took considerable time to workshop the deal to ensure a smooth assessment process and a happy client.
What made this deal unique or challenging?
The applicant’s business held non-refundable gift card sales as a balance sheet item until cashed. This was not reflected on CTR Sales. Bank statement verification allowed the applicant to fairly represent their financial position on the basis that income credits reflected sales and the gift cards held non-refundable terms.
What product did your customer receive?
Alt Doc Owner Occupied.
Tell us about your experience working with Bluestone
Working with Heidi at Bluestone was a great step into the non-conforming space for our team. Having limited experience in this space, Heidi provided extensive product knowledge to help identify the appropriate outcome for the client, whilst also taking the time to conduct in-depth analysis of the applicant’s financials to find the best position.
Anything else you’d like us to know about the deal or your experience with Bluestone?
Looking forward to the next transaction working with Heidi.
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