George is a self-employed electrician who is running a successful business enterprise comprised of full-time employees and sub-contractors. He approached his bank looking to borrow $200,000 for the purpose of business expansion.
After several weeks of tedious credit review and numerous document requests by the bank, his application was declined even though George’s gross sales have doubled over the past 12 months. The reason: George did not claim enough personal income on his tax returns to qualify for the desired amount.
OZ Capital received George’s request through a mortgage broker. After a careful review of his application and supporting documents provided, OZ Capital was able to approve George for a $200,000 mortgage based on the following facts:
Gross business sales have increased steadily year over year
George had good credit repayment history and an excellent equity position in his principal residence
Based on his business income, George had a great capacity to carry new loan as requested
By facilitating this transaction, the following was accomplished:
George was able to obtain the desired amount to expand his business
Funding took place within 5 days of application
OZ Capital gained an excellent client by exercising a common-sense lending approach
This is another example of a win-win situation, and why we exist.
If you're an entrepreneur that wants to learn more about how OZ Capital can help with your financial situation, please reach out to us.