Nick Tinning and fiancée Naomi Parkes thought securing a loan to build their house would be relatively straightforward.
After all, they owned their block of land outright, had a sizeable deposit, a good savings history and both had jobs. Nick had been earning a solid income having recently taken over the long-running family business.
However, they soon discovered that being in the early stages of self-employment was a very real deterrent to most lenders.
“We found out pretty quickly that as I had recently made the move from working in the business to actually running it and being self-employed, that it was going to be a challenge,” Nick said.
“At that time I had been self-employed for about six months, and all the banks wanted two years of financial statements before they would consider our application. This was despite the fact the business was about 16 years old and profitable.”
“We ended up talking with four different banks, who either said they couldn’t help us, rejected our application or approved our application but for a much lower amount than we wanted.”
A friend referred the couple to Smartline Adviser Richard Denholm. Initially the couple were unsure what Richard would be able to do for them.
“We did start off thinking that we weren’t sure that Richard would have any more success than we did ourselves,” Nick said.
“Richard found a bank that was receptive and he was able to argue that we were an exception.”
“He just had that knowledge and level of contact to be able to get the loan over the line for us that we wouldn’t have been able to do on our own.”
“This whole experience has been a really big lesson for us in how important it is to have someone with that knowledge and insight to help you deal with the banks.”