Business Finance \ Refinance
Like so many business operators, they have banked with their current bank for over 30 years and genuinely believed they were in the best financial position they could have hoped for.
Again, like so many family business people, they had NEVER reviewed their finances. Brian and Judy received their finance to purchase their commercial premises over 5 years ago. But today, the business is in a much different position now than it was then.
What Brian and Judy failed to understand is that Business Finance is very different to borrowing to purchase your owner-occupied home. Sometimes banks can apply ‘margins’ to interest rates depending on the risk of the applicant.
Jaime was asked to look over Brian and Judy’s situation and review all of their financial goals. Because Brian and Judy had been able to pay a lump sum off their Business Loan within the 5 years, Jaime was able to secure a more attractive interest rate by changing to a different lender and cutting their loan term in half.
This revised structure gave Brian and Judy the ability to redirect cash flow from the business to a different debt that was costing them more. By paying this off more quickly, Brian and Judy found themselves in a much better financial position.