Sam and Aaron Whybrow walk through two real-estate deals: a borrower who refinanced out of a high-cost lender after a default cleared from their credit file, and a self-employed client moving from a low-doc land loan into full documentation for construction. The strategy hinges on timing and knowing when defaults drop off.
Thanks everyone for tuning in. We are jumping onto a just financed post so we change lives by untangling finance here at Diagnostics and Finance. And I've asked Aaron to jump on with me to discuss a couple of deals that he's had financed over the last month. We love a tricky deal. We also like vanilla deals, the unicorns that are out there. However, what we find as brokers is it's more often than not that you've got to quite a complex, complicated deal and you need some help unpacking that and finding the right solution. So Aaron, what are some deals that you've had financed this last month that have been a little tricky and how did you find a solution for them? Yeah, so one deal had a, had a default and we were able to get the land approved and that that was able to get done. And and then we found when we reviewed the credit file again that the default drop dropped off and we're able to go from a non conforming or a higher interest rate, higher cost lender to now one of the major big four banks for her to be able to get the land at a lower rate now and build the house and use the uplift in the market value that she had as well. So really cool outcome there for that client. And the same thread got approved a low dock loan for land prior to them needing to giving them the contract, surviving through that contract. Now they've got the land, they've got their piece of dirt, they do want to build on it but this client is a self employed client and they need to now being that we're in July 2022, they need to now reconcile all their accounts, get to their accountant and submit the tax returns so that we can refinance that low dock land into a full dock land and build their dream home. That's fantastic. So sounds like being a broker, meeting with your broker, having a strategy, looking at, you know, your entire position, looking at the credit file, looking at how long those defaults are there and when they're going to drop off and what the solution can be. And if you wait, right, it's not necessarily just jump in, do it now, it's what's the plan of action for you. And the second one sounds like the joys of being self employed is there's always a few more hurdles you've got to jump through. But if you plan it out right from the beginning then you'll find a solution in the end. Absolutely great. Sounds like two fantastic solutions that you've got for your clients. This last month. Aaron, thanks so much for jumping on and sharing. Thank you, Sam.
