HELP MY BANK WILL NOT ASSIST MY BUSINESS WITH FUNDS
Even in normal times Banks in NZ reject 60% of Business applications primarily because firstly your business risk profile does not pass Bank standards (the % is probably higher than 60% at present) or that the borrower has misrepresented the financial status of the business to the bank concerned. A lot of the above is also because you do not have equity in residential property sufficient to secure your borrowings.
If you have residential property security available we can arrange 12 month loans at 8.5% p.a. PLUS a Lenders Loan Establishment Fee of 2% max = Total Lenders cost of 10.5% which can be renewed annually and is repaid by way of monthly Principal and Interest payments. The Banks operating in NZ as shown at interest.co.nz total charges stretched from a low of 12.1% p.a. lowest to 20.15% p.a.
Note the lowest Bank Loan/Overdraft rate assumes that they only take a interest rate margin of 1% out of what they say is their spread choice of 1% to 5% which I have never ever seen from a Bank in NZ and Australia since 1976.
Our Lender of choice can also switch-hit to Invoice Discounting - which is far more expensive on the surface than using residential property to secure the lower rates shown above. Only one Bank in NZ can switch hit being the BNZ but your credit sales p.a. have to exceed $3.5 M nzd.
The advantage of using Invoice Discounting is two fold, Firstly despite the cost it super charges your cashflow and secondly the resultant liability from selling invoices to the Lender is that the debt is extinguished when payment of the invoice is made by the customer.
Rick 0204-0203663 rick.otavicpartners@gmail.com
FERN LOGO The Final One for Neighbourly 22nd October 2020 .pdf.pdf Download View
Neighbourly Q&A: Renting rights with CAB's Sacha Green
We are continuing our Q&A sessions on Neighbourly. This week we have the amazing Sacha Green from Citizens Advice Bureau New Zealand (CABNZ) who will be answering your questions about your renting rights.
A little bit about Sacha:
She has been working for CABNZ for 10 years and is passionate about empowering people with knowledge of their rights as well as ensuring access to justice.
She helps support the team of over 2,000 trained volunteers who deliver the CAB service in 80 neighbourhoods around Aotearoa by providing advice and support at a national level on a wide range of issues. One of Sacha’s work areas is leading the CAB’s social justice work on housing and tenancy issues.
Whether you're a flatmate, landlord, boarder or flatmate, you can leave a comment below and Sacha will share an answer on Wednesday from 9.30am. You may want to ask about notice periods, bond fulfillment, reasonable rent increases, or even whose responsibility it is to deal with mould in the home.
Join Sacha here on Wednesday at 9.30am. See you then!.
⇩ Share your question below ⇩
Tiler for a small job in Takapuna
Dishwasher space needs to be enlargened for new dishwasher, there is a tile toekick on its left side which will need to be shortened / cut back. Takapuna house will be available from 12th June. Please respond to Katherine 021 052 6040, thank you.
Poll: Have you ever been bullied?
People associate bullying with children in schools, but it can actually stretch beyond childhood to workplaces or neighbourhoods.
This Friday is Pink Shirt Day, which began in Canada in 2007 when two students took a stand against homophobic bullying after a new student was harassed for wearing pink. People across the globe are now encouraged to wear pink on this day to take a stand against bullying and promote inclusivity.
Have you or your whānau ever experienced bullying? Share your thoughts on Pink Shirt Day below.
Type 'Not For Print' if you wish your comments to be excluded from the Conversations column of your local paper.
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81.9% Yes
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17.9% No
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0.2% Other - I'll share below
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