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Banks, Loans, Property

Why a broker is like your back-up parachute!

Do I need a finance broker? Can’t I just speak to my bank myself?

Well in theory you can. If your bank has the time to speak to you, and you approach the right bank, and you are able to speak to a decision maker etc. etc.  A broker is not always a necessity for a commercial loan, but sometimes can be a lifesaver!

Just recently we had a client who was admittedly unsure about using a broker. But in the end, they decided that they could use their assistance, and boy did that decision pay off!

They were looking at purchasing a commercial property, but when the valuation came back, it was not sufficient to support the loan which they needed to complete the purchase, leaving the deal dead-in the water.

Fortunately, we were able to go back to the drawing board and find away to make the deal happen. Firstly, we went back to the lender, and managed to negotiate a higher advance than they were initially offering. This still wasn’t enough, but we were able to speak to the selling agent, and after a bit of back and forth, the vendor was able to lower their price to make it happen!

So, lucky that the client had ASC on their side!

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