Even from a young age, everyone is aware that banks exist, and we become very used to depositing our money with them and, eventually (hopefully), getting a mortgage. Most people think of a mortgage as being something you get for a place you want to live in, or maybe an investment property that someone else will live in.

The fact is that as you get older and wiser and understand opportunities in the property space you start to appreciate that you may need more than just a mortgage for a residential property. Some of the mortgage options with the banks we all know do extend outside of the standard mortgage-for-a-place-to live but a lot of them do not. Most of the bigger banks are used to commercial property transactions but there are a number of areas that trading banks would prefer not to become involved in or, at the very least, limit their exposure to.

Funding for such things as developments, property trading, borrowers with a poor credit history (or poor payment history), certain types of builds, non-provable income (or not-long-enough provable income), overseas income, second mortgages, land, sub-divisions, personal and bridging loans may fall outside of what your local bank can offer.

Just because the bank cannot lend on a project does not mean that funding cannot be obtained. Sometimes it is as simple as going to another bank who may have more appetite for a certain type of deal at a particular time. Sometimes, the type of deal falls outside of the trading banks completely but may fit another type of funder perfectly.

The key is access to credit and a good Broker will have a number of sources available – inside and outside of the standard banking environment.

Talk to us to find out if that project you have in mind could work. Maybe it will, and you don’t want to miss out on an opportunity just because you didn’t ask the question.