Unbankable people wanted
Mortgage bankers Cairns Lockie has added a non-conforming loan to its product range.
Wednesday, December 5th 2001, 10:56PMMortgage bankers Cairns Lockie has added a non-conforming loan to its product range. This is in addition to the recent move to expand the business being written by its contributory mortgage company.
Non-conforming loans are those where the borrower is unable to use conventional lending sources such as the trading banks and regular non-bank lenders.
"Cairns Lockie has been seeing an increasing number of loans that we have been unable to write," director James Lockie says. "Generally the reasons have been some adverse credit history, or where income has been difficult to verify", "
These loans are well suited to the new non-conforming product which is a true asset lend," he says.
The key features of the product are: - No financials or income checks - Adverse credit history is not an issue - Business and investment purposes are catered for - Interest only periods of up to five years are available - Quick approvals and settlements.
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