Defining the Loan Purpose in a Private Lending Application

In this Broker educational series, we sit down with Funding’s Senior Credit Manager, Arrin Bowker, to discuss what is paramount in a private lending application. The quality of the initial application often dictates the speed of loan approval and settlement.…

Defining the Loan Purpose in a Private Lending Application

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In this Broker educational series, we sit down with Funding’s Senior Credit Manager, Arrin Bowker, to discuss what is paramount in a private lending application.

The quality of the initial application often dictates the speed of loan approval and settlement. To help brokers and borrowers, Arrin outlines the vital elements of an application and discusses the initial conversation that needs to occur to ensure all parties are across the loan and its purpose.

This video is part two of a six-part series and discusses why a clear and genuine loan purpose is essential. Arrin outlines the different loan purposes we can assist with at Funding, including:
-Urgent bridging and short term loans
-Business and personal loans
-Vacant land and land banks
-Equity cash out
-Commercial property
-Non-residents and self-employed

Arrin also explains why our credit team (and the broker) needs to understand the loan purpose and uses when reviewing a private lending loan application.

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