Banks often consider Self Employed Borrowers to be Unacceptable?

There is an increased demand for Non Conforming Loans among small business owners and self-employed borrowers. Many self-employed borrowers are finding the lending environment to be tough;and are unable to meet the standard lending requirements for a range of reasons.

Here is a list of reasons why self-employed borrowers and small business owners are finding it tough to meet the standard lending requirements set by the major banks:

  • They are often unable to provide sufficient documentation to verify their income
  • Their type of employment (e.g. sub-contractor arrangements) can often be considered to be unacceptable
  • Their length of employment can be considered to be unstable
  • Their need for cash-out requirements to expand their business can be considered to be unacceptable.

How Non Conforming Lenders can help Self Employed Borrowers?

If you are a small business owner or a self-employed borrower who is looking to expand business or purchase much-needed plant or equipment, and you are unable to meet the standard lending requirements set by the major banks. You need to look at an alternative lending solution which can be provided to you by non-bank specialist lenders.

The non-conforming specialist lenders will assess each application on an individual basis as it enables them to better understand your circumstances and will assess the reasons why you did not meet the criteria set out by the major banks.

With almost 35% of small business owners and self-employed borrowers now requiring an alternative lending solution, it is not surprising to see the non conforming lending market continuing to grow.

Obtain Expert Help

Ensuring you have the right finance structure in place for you and your business is vital. So, you should seek expert and specialist advice from a professionally qualified finance broker as he/she will have a thorough knowledge of credit policies and credit requirements provided by the non-bank specialist lenders.

Non Conforming Loans specialises in obtain special loans for self employed borrowers.