The client was under growing pressure from their existing bank to refinance their $1.45 M facility. The client had a poor financial history but good security.
RSP started looking for refinance in May.
RSP completed a full credit profile paper and approached a strategic panel of mainstream financial lenders. Upon selection of a bank, RSP invited a bank manager with the resources to understand the client’s position and pursue the opportunity. The new bank offered a competitive finance package and relationship proposition which the clients accepted. Refinance settled the following January.
The solution avoided:
- Clients being charged default interest which would have increased interest costs by $58,000 per annum;
- Clients being transferred to previous banks debt recovery unit;
- Potential for a forced property sale, which could have resulted in a below average property price outcome.