Owner Builder Loans: Loan Options and Alternatives

Remove the frustration of getting financed

Small Business owners or those considering a starting one, usually require start-up or expansion financing. Not everyone who wants to start a business has all the money they need for start-up equipment, permits, licensing, and other overhead. The problem with financing your business is in the challenge of having strong or stable finances. The process of obtaining these loans is frustrating and stressful without help from mortgage brokers with experience in owner builder loans.

The basic ways to obtain business financing

Equity home loans – If you are a homeowner with equity built up in your property, you may qualify for an equity home loan. It’s not uncommon for tradesmen to use equity in another property in order to finance their businesses. This is a low-cost solution over conventional personal loans that provide some flexibility.

Low-doc loans – Not all borrowers are able to produce full income data for conventional loans. Many lenders expect to have the full picture of your finances before they will lend you any amount of money. However, low-doc loans are ideal for the self-employed tradesman who has an irregular stream of income that cannot be as perfectly documented as conventional lenders expect.

Non-conforming – When a Tradie borrower does not meet the requirements of mainstream lenders, this option is designed for these situations. If your credit is not perfect, you may qualify for a non-conforming loan. Many things can impair your credit and that factor is taken into consideration before making this kind of loan.

How a mortgage broker can help

No person who needs financing for their Trade business should try to go it alone. It is unlikely that you have the resources or contacts to obtain conventional or non-conventional financing. However, mortgage brokers do have these contacts and resources.

Taking advantage of the mortgage broker’s vast network of lenders helps Builders, Landscapers, Home Removalists, Plumbers, Exterminators, Electricians, and other tradies get financing for their businesses.

When getting an owner builder loan involves the client, home builders should network with mortgage brokers in an effort to help their clients with financing. This is beneficial not only to the potential homeowner who may not qualify for conventional, mainstream loans, but the builder or other trades person who is building their business.

Where to find qualified mortgage brokers for all your lending needs

At Tradebusters Connect we have hand-picked the top 3 local mortgage brokers in Sydney. You are welcome to contact them directly today to enquire about owner builder loans.