At Regional Finance Solutions, we were recently approached by a large accounting firm needing assistance for a client. This particular individual had incurred a sizeable tax debt ($40,000) in their business. At the customer’s request, we sought to add this amount to their existing loan.
Despite having a sound financial history at their existing bank and having enough equity and income available, the customer’s request was declined due to one unpaid rates notice.
We subsequently refinanced the existing loan and added funds in order to clear the tax arrears. Ironically, given that it was one of the Big 4 banks who had declined the customer’s loan originally, it was one of their subsidiaries who ended up approving the loan. The loan was also offered at a lower rate than the client had been paying prior.
This customer’s situation, which had a great end result, is a clear indication that there are significant advantages to be had in finding a broker to approach financial problems or overcome hurdles. Finding a practical and manageable alternative was satisfying as we were able to alleviate the client’s financial burden.