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What is non-bank lending?

By June 14, 2021 June 23rd, 2021 No Comments

What is a non-bank lender?

Deciding on a mortgage before purchasing your next property is an important decision. Whilst many prospective property owners will opt for mainstream lenders, financing with a non-bank lender is an option worth considering.

In the simplest of terms, a non-bank lender is a lender that’s not a bank or traditional financial institution. They offer similar services to conventional lending, with the added benefits of fewer approval criteria, greater flexibility, and faster turnaround times.

Of course, there are pros and cons to both options, so finding the right option for you can take time. If you are considering financing with a non-bank lender, here’s what TechLend can offer you:

 

Less restrictive criteria:

If you are self-employed and want to apply for a property loan, you will need to provide at least two years of income verification and letters from your accountant before these traditional lenders even consider your application. TechLend offers a common-sense approach to lending, meaning to get started, we only need personal details, details of the property, and details of any guarantors. It’s as simple as that!

 

Settlement within 48hrs:

If you are looking to secure a property loan, you need to be wary of the current delays in loan approvals from major banks, with some processes taking up to 60 working days and a growing backlog of applications. TechLend’s fast and simple online application process means you can receive your funds in as little as 48hrs, taking the stress away from buying and selling property.

 

Tailored to the individual borrower:

Unlike traditional lenders, TechLend offers more inclusive and accessible lending with loans tailored to each borrower and their unique asset position. We adjust our pricing for loan size and risk, meaning you can receive better rates for low LVR’s, high-quality assets, and strong credit history.

Interested in applying for a loan? Talk to one of our lending specialists today about our loan opportunities and how we can provide you with the best option for your unique scenario.

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