A business owner who was looking to access cash for business expansion.
- Age: 37 years old
- Assets: House valued at $814K
- Occupation: Company Director operating a transport business for the last 12 years
- Income: Last 2 years taxable income is $89K and $159K respectively
- Liabilities: Current home loan $370K and business loan $80K (secured against home)
- Credit impairment: Paid commercial default listed on CRAA for $64K registered just over 24 months ago
Jimmy needed $160K to purchase some new trucks to expand his business.
Jimmy did not have his most recent financials completed yet but he had told his broker that his net profit had increased substantially to $280K due to securing a large new contract.
Jimmy was able to qualify for the Pepper Money Near Prime (Alt Doc) product.
- Pepper Money considers consolidation of Alt Doc and business debts on Pepper Money Alt Doc products.
- Pepper Money has no limit on cash out for acceptable purposes including purchasing property or vehicles.
- Jimmy was able to choose from 3 different options when providing income documentation - 6 months' business bank statements OR 6 months BAS OR his accountant could complete Pepper Money's accountant's letter.