The builder I work for has a client who had great dificulty getting a loan. He has about 30 credit enquiries made in his name (he says it wasnt him) when he first came to australia.
He got the deal done, much to my surprise at 80% and settled the land, and has approval for the construction. However since that time he has spent part of the contribution he needed to make and is now short about $15k.
The builder now locks up the house until he has the funds, charging penalties on the amount outstanding, and leaving the half completed house to the weather....
with that amount of credit enquiry its dificult to pass any lenders credit score, credit cards, personal loans etc.
Anyone got any other ideas for short term funding?
Apart from the multiple enquiries his lending capacity and financial position is sound.
He got the deal done, much to my surprise at 80% and settled the land, and has approval for the construction. However since that time he has spent part of the contribution he needed to make and is now short about $15k.
The builder now locks up the house until he has the funds, charging penalties on the amount outstanding, and leaving the half completed house to the weather....
with that amount of credit enquiry its dificult to pass any lenders credit score, credit cards, personal loans etc.
Anyone got any other ideas for short term funding?
Apart from the multiple enquiries his lending capacity and financial position is sound.