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Friday, 20-Sep-2013 12:55 Email | Share | | Bookmark
4 Tips For Getting A Business Loan












It is also likely that your company will be passed over if you are lacking sufficient collateral to secure a loan. "Visit a community bank and also inquire about SBA loan programs," suggests Ross. "Since up to 80 percent of a business loan can be guaranteed by the government under the SBA program, some banks may be more lenient. The downside to this route, of course, is the lengthy paperwork and delay in securing financing due to bureaucracy." 4. Look at alternative financing for short-term needs. Alternative financing is on the riseas historically profitable or growth-stage companies face shortfalls in cash flow. "Asset-based lending and factoring are good bridge financing avenues for many small businesses," says Ross. With factoring, a company sells its accounts receivable to receive a short-term loan of up to 80 percent of its value. <br>For click here! the original version including any supplementary images or video, visit http://www.inc.com/marla-tabaka/4-ways-to-get-a-business-loan.html





Bank wars: what’s in it for small business?





IT'S like a flash mob, only you don't need to bring your dancing shoes - just some cash. And it's a trend that's rapidly spreading around the world, with Sydney staging its first cash mob in the inner city this Saturday afternoon. Cash mob, founded in the US last year, aims to get people to descend on a small business en masse to spend money and support the local community. In Sydney, a group will be arming themselves with $20 each and a smile, before gathering at a "secret location'' at 4pm. Organiser Mark MacSmith decided to bring the idea of a cash mob to Australia, after seeing how the movement had grown in the US and Canada. MacSmith, a 26-year-old digital planner from Darlinghurst, said he had seen many small businesses struggle in his own neighbourhood. End of sidebar. Return to start of sidebar. "There are so many for-lease signs on Oxford St," he said. "I think it's shining a light on buying local and how nice it is to go into a local store - the service and the friendly people in the store." MacSmith will announce the "secret location" of the inner city business they're planning to target via Facebook and Twitter on Thursday, on facebook.com/sydneycashmobs or @sydneycashmobs . <br>For the original version including any supplementary images or video, visit http://www.news.com.au/business/your-business/cash-mob-to-help-out-australian-small-business/story-fn9evb64-1226305805026





Cash mob to help out Australian small business





NAB has knocked the breath out of its competitors with its UBank online home loans that offer significantly lower interest rates, discounted variable rate mortgage after three years and zero fees. Great news for the average consumer but whats in it for small business? With whispers that the onslaught has only just begun, this space could soon get very interesting. So far, unless you are refinancing your home loan, the benefit is not obvious, but Westpac has already indicated its out to woo business customers and, as confidence increases, is looking to amp up the competition for business credit and business loans. There is a link between home loans and business transaction accounts, however. Business people tend to keep the same provider for both home loan and business transaction accounts so the NAB grab at the home loan market is also an indirect grab for the business customer. As things pick up for business small business owners are less likely to self fund any cashflow shortfalls from their mortgage, instead opting for a line of business credit, overdraw facility on their business account, or business loan. No wonder the Commonwealth Bank head of retail banking, Mr Ross McEwan, has come out recently to publicly state that CBA is planning to hold its position as the number one bank in the Australian mortgage market, while Westpac is trying to make it easier for mortgagees to switch. So if youre a business owner, and youre in the market for a mortgage, dont be afraid to haggle. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/bank-wars-whats-in-it-for-small-business-2322011.html



Wednesday, 18-Sep-2013 04:20 Email | Share | | Bookmark
Missing Pieces In A Low-doc Lending Trail That Shattered Lives








Low-doc loans a risky business





Further to the stand-off between the loans for small business Australia activist and the regulators, Brailey fiercely rejects ASIC's claims that she had failed to provide them with loan application forms (LAFs). She instructed her members to send more than 100 formal letters of complaint to the regulator last year. Roughly half of these had LAFs with them, most with the discrepancies highlighted - usually the borrower's income had increased. ASIC confirms it received 70 letters from Denise Brailey's BFCSA members. It declined to investigate however, instead, writing back to advise the Brailey members to secure the services of a lawyer. These "bugger off" letters, says Denise Brailey, were an insult to aggrieved borrowers. In many cases - and this is another significant bone of contention - many of the 30 banks and non-bank lenders who provided the loans in the first place have refused to release the LAFs to the borrowers when asked. Neither has ASIC, or the Financial Ombudsman Service (FOS) which is adjudicating many of the claims, exercised their powers to demand the LAFs be released to the customers. And this, despite Denise Brailey's claim: "There is not one clean LAF among my 1200 members." ASIC refers many of its lending complaints to FOS, which is a private complaints bureau funded by the banks and financial institutions. At the moment FOS is dealing with a 'spike' in low-doc matters, the Financial Ombudsman Philip Field told BusinessDay on Friday. Field said the banks, in some individual cases, may be responsible for flawed low-doc loans but mostly - and critically in a legal sense - the mortgage brokers, who introduced the bulk of the loans, had acted as the agents of the customer rather than the bank. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html





7 things you should know about low doc loans





MAN: The loan amounts were wrong. My - and my job was wrong. The amounts I earned was wrong. A small business I had, the valuations was wrong. So there's 17 glaring mistakes that they had filled in that I didn't know about. WOMAN: The head office actually said to me, "Ms (inaudible) I've no idea how you got yourself into this mess. You've got $750,000 worth of shares and you've got $13,000 worth of income from rental properties you have rented out." And I said, "Well if you can find it, I'll give you half of it because it doesn't exist." WOMAN II: My total loans were $4.5 million with no income and a 30-year period, which would take me up to 103. WOMAN: From around the nation they gathered in Canberra as senators heard evidence on the low doc scandal. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





Low doc loans





And the regional banks are already there. Up to 30 per cent of Adelaide Bank's total home loans are low-docs; Suncorp's is more than 10 per cent; while St George Bank's is less than 5 per cent. The majors are all at or less than 1 per cent. The banks' push into the low-doc market is a marked turnaround from five years ago, when low-doc loans were dismissed as too risky. The risk-averse banks wouldn't touch them, which allowed specialist lenders Liberty Financial and Bluestone Mortgages to build up dominant positions in a fast-growing and profitable market. Both these businesses are considering a stockmarket listing or trade sale, following their success. While they do sell low-doc loans, the bulk of their lending is non-conforming, or loans to borrowers with an "impaired" or "uncertain" credit history. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/news/Banking/Lowdoc-loans-a-risky-business/2005/03/25/1111692625246.html









Allen and Day had flown from Melbourne to find out what information Brailey, a veteran campaigner for victims of financial fraud, had about the banks and their low-doc loans. Brailey claimed to have the last bits of the jigsaw puzzle which would prove that mortgage brokers were acting as agents of the banks in foisting loans on customers who could not afford them. Though interest rates had fallen to historic lows, there were family homes on the line, lives ruined. This $57 billion, low-doc loan sector required urgent investigation, said Brailey, who had brought a stack of documents to the meeting to prove her point. Denise Brailey. Brailey claims credit has been overextended through mortgage brokers - in many cases when it wasn't asked for - and now some borrowers are facing deep financial stress. <br>For the original version including any supplementary images or video, visit http://www.businessday.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html





Missing pieces in a low-doc lending trail that shattered lives





Enhanced features One of the best features of the low doc loan is that the borrower gains extended access to a range of loan features and options that were previously unheard of or available for him in the market. Such loans could also be termed as a time and money savers for the informal and self-employed workers who find it hard to avail loans. 5. Increased opportunities to earn credit At present, due to increase in competition in the lending market, majority of the big names in the lending business, including the banks now offer low doc loan services. Earlier, only non banking financial institutions with limited presence used to offer these loans to the aspiring candidates. 6. Lucrative proposal Usually as seen the world over, low documentation loans cover up to 80% or more than three quarters of the residential property in case the candidate intends to acquire one for investment purpose in the days to come. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/7-things-you-should-know-about-low-doc-loans-07052013.html



Sunday, 15-Sep-2013 20:07 Email | Share | | Bookmark
Low Doc Loans








7 things you should know about low doc loans





STEPHEN LONG: And move to a caravan park. Over in Perth, Kate Thompson recalls the tricks banks taught brokers to get loans across the line, such as calling rising house prices "income". KATE THOMPSON: So when we're putting down a customer's income, we are allowed - we were allowed to use capital growth. It was projected income. It's not disposable income. But we were allowed to use it. STEPHEN LONG: These are some of the people caught up in the low doc loans scandal. WOMAN: If you can't trust your bank manager, who can you trust? <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





Low taxpayer risk with low-doc loans





"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. The AOFM's investment in RMBS was $11.1 billion as at August 31, with the mortgage pools backing these investments being $25 billion, Mr Nicholls. Of these, less than two per cent, or just over $400 million, were low-documentation loans, a type of loan usually given to people who did not gain approval for mortgages from more traditional sources. Liberal senator David Bushby acknowledged the Labor government was right in boosting the RMBS market following the global financial crisis. Mr Nicholl said the AOFM had "some good stats" following Mr Bushby's comments that the AOFM had made money on RMBS products. <br>For the original version including any supplementary images or video, visit http://news.brisbanetimes.com.au/breaking-news-business/low-taxpayer-risk-with-lowdoc-loans-20120921-26bdg.html









A spokesman told me they were concerned about the lack of history with this type of lending and felt it was important to ensure that risk was being priced correctly. Also, the Tax Office has been looking into the subject for six months and doing some test audits: 70 per cent of low doc loan applications do not tally with the borrower's tax return. This could be fertile ground for ATO auditors, although the consequences of mass audits could be horrible for the economy. In many cases a low doc housing loan is simply a business loan in another guise - at a lower rate than the 11 or 12 per cent that the banks usually slug small business people. The reason Angelo Malizis at Mobius is able to offer 95 per cent LVR low doc loans at 6.99 per cent interest (through Wizard and other retailers) is because his 50 per cent shareholder, Allco, has set up its own mortgage insurance company, which is thought in the industry to be preparing an assault on the existing LMI duopoly (which is an interesting development in itself). But Mobius's interest rate may have to rise once APRA's new capital requirements bite. The general assumption among bankers and economists, which I tend to share, is that as long as unemployment remains low, home loan default rates are unlikely to rise as a result of a half a percentage point or so increase in the cash rate. <br>For the original version including any supplementary images or video, visit http://www.canberratimes.com.au/small-business/low-blows-likely-from-low-doc-loans-20090619-cphm.html





Low blows likely from low doc loans





The amount of collateral required as pledge is far more than in the regular cases and hence the aspirant should be well versed with fact in advance. 4. Enhanced features One of the best features of the low doc loan is that the borrower gains extended access to a range of loan features and options that were previously unheard of or available for him in the market. Such loans could also be termed as a http://www.blogster.com/commercial12/learn-about-the-lucrative-world-of-commercial-real-estate time and money savers for the informal and self-employed workers who find it hard to avail loans. 5. Increased opportunities to earn credit At present, due to increase in competition in the lending market, majority of the big names in the lending business, including the banks now offer low doc loan services. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/7-things-you-should-know-about-low-doc-loans-07052013.html



Friday, 13-Sep-2013 11:58 Email | Share | | Bookmark
Distressed Debt Buyers Seek Australian Loans As Mining Struggles












Investors are starting to buy debt positions in smaller Australian firms instead of pursuing larger, more competitive opportunities such as the sale of Lloyds Banking Group Plc (LLOY)s local loan-book, according to Mick Calder, an executive director of restructuring adviser 333 Management Ltd. Mining companies and the firms that service them are expected to face the most pressure in the next year, a survey released today by 333 and Turnaround Management Association Australia found. We continue to see incumbent lenders willing to entertain the notion of selling their debt positions, Calder said today. While the large debt trading and loan portfolio sales have been well-publicized and sought after, its in the mid-cap space that opportunities may arise in fiscal 2014. Distressed debt buyers are seeking opportunities as demands on working capital, low margins and large project risks are expected to create challenges for mining services companies in the next 12 months, according to the survey. In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/distressed-debt-buyers-seek-australian-loans-as-mining-struggles





National Australia Banks signals no let up in mortgage battle





Instead, it has promised to arrange loan facilities for Australian$3 million through lenders. Had NMDC participated, it would have had to fork out A$1.25 million in its 49.6 per cent exploration subsidiary, a company source told Business Line. At the current conversion rate ( A1$ = Rs 58), participation in the rights issue would have meant an approximate outgo of Rs 7.25 crore. In a disclosure to the Australian Stock Exchange last week, the mineral resources exploration company said that NMDC had agreed to provide support to enable Legacy Iron to arrange loan facilities with its bankers of up to $3 million. Legacy Irons board dropped the rights issue plan and opted for the borrowing plan after NMDC expressed its unwillingness to participate in the proposed issue. The extended date of the issue expired on August 12. Legacy Iron said that the Board had resolved to cancel the rights offer due to the recent share market volatility. Proceeds from the rights offer were to be used for further exploration activities and development across Legacy Irons iron ore and coal exploration permits as well as other assets in Australia. <br>For the original version including any supplementary images or video, visit http://www.thehindubusinessline.com/companies/nmdc-to-arrange-loan-for-australian-unit/article5049294.ece





www.fish4loans.com.au makes applying for Small Business Loans Hassle Free





Concerning the matter of lenders requirements of a business loan applicant, James notes these requirements generally vary from country to country. As they relates to the Australian experience, James usually speaks to people looking for business loans. For business people who are seeking small business loans, Australian lenders do have a few basic requirements that borrowers would best pay attention to. First among them is the requirement to have some kind collateral to support the loan process. Collateral simply means something that has enough equity in it that it will cover the value of the loan if the person doesnt or cannot pay back the loan, says James. Real property, such as land or buildings, work well as collateral, and in some cases motor vehicles or even business inventory can be used as collateral. Another requirement Lenders expects small business owners to adhere to is their providing some sort of statement indicating their cash flow. If you do not typically prepare this type of statement, which includes the amount of income, inventory, cost of goods sold, and expenses that a company has, use a search engine to look up example cash flow, .. [read more] or profit/loss, statements for Australia and customized it your personal situation, says James, who adds cash flow statements provide critical information lenders require in order to determine whether the business can repay the money it intends to borrow. <br>For the original version including any supplementary images or video, visit http://www.02elf.net/allgemein/www-fish4loans-com-au-makes-applying-for-small-business-loans-hassle-free-210713





NMDC to arrange loan for Australian unit





To enable cookies, follow the instructions for your browser below. Enabling Cookies in Internet Explorer 7, 8 & 9 Open the Internet Browser Click Tools> Internet Options>Privacy>Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK and OK Click Tools>Options>Privacy<Use custom settings for history Check Accept cookies from sites Check Accept third party cookies Select Keep until: they expire Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Click Tools icon>Options>Under the Hood>Content Settings Check Allow local data to be set Uncheck Block third-party cookies from being set Uncheck Clear cookies Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. <br>For the original version including any supplementary images or video, visit http://www.heraldsun.com.au/business/national-australia-banks-signals-no-let-up-in-mortgage-battle/story-fni0dcne-1226718881266



Wednesday, 11-Sep-2013 03:06 Email | Share | | Bookmark
Low-doc Loan Market Too Juicy For The Big Banks












http://snipsly.com/?p=1825538&preview=true The Reserve Bank is concerned that, as the home lending market slows, banks may consider non-conforming lending as a growth market. In fact, NAB and St George have already been touted as buyers of Liberty Financial. ANZ admits the non-conforming market is an area the banks can't ignore. "The growth in that sector of the market is not lost on us, but it is not an area that fits easily with the ANZ brand," an ANZ spokesman said. A spokesman for St George said it would consider any acquisition on its merits, but pointed out that the credit quality of its loan book was one of its biggest selling points. However, one of the banks could buy a non-conforming lender and keep it operating under a separate brand. For the moment, the banks are content to build up their share of the low-doc market. Macquarie Research analyst William Ammentorp says the risks involved in low-doc lending are manageable. He cites research by Bluestone Mortgages showing that a high number of self-employed borrowers live in the wealthier suburbs of Sydney and Melbourne, including Vaucluse, Manly and Brighton. <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Business/Lowdoc-loan-market-too-juicy-for-the-big-banks/2005/04/01/1112302233136.html





Low doc loans





And this, despite Denise Brailey's claim: "There is not one clean LAF among my 1200 members." ASIC refers many of its lending complaints to FOS, which is a private complaints bureau funded by the banks and financial institutions. At the moment FOS is dealing with a 'spike' in low-doc matters, the Financial Ombudsman Philip Field told BusinessDay on Friday. Field said the banks, in some individual cases, may be responsible for flawed low-doc loans but mostly - and critically in a legal sense - the mortgage brokers, who introduced the bulk of the loans, had acted as the agents of the customer rather than the bank. Taking a broader perspective, the banks and the non-bank lenders, the regulator ASIC and the Financial Ombudsman Service are on one side of this argument and Denise Brailey is on the other. It is the might of the corporate establishment and the government versus the 70-year old pensioner from outback WA. But this lone ranger is onto something. For one, the banks and regulators are not handing over information to borrowers about their own loans: principally, the LAFs. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html





Record-Low Rates Keep Australia Loan Arrears Stable, Fitch Says





STEPHEN LONG: The allegations centre on low doc loans. They were initially designed for the self-employed and small business people, recognising that they can lack documents such as pay slips, group certificates and the certainty of income banks demand for conventional lending. But low docs became a free-for-all. KATE THOMPSON: They were very tight to begin with. You couldn't do this and you couldn't do that. And eventually, they were absolutely shocking. No rules at all. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





Missing pieces in a low-doc lending trail that shattered lives





The proportion of prime home loans between 30 and 59 days late was at 0.59 percent, the lowest post-Christmas level since March 2006, the ratings company said in a statement today. Mortgages more than 30 days late rose to 1.48 percent in the first three months of 2013 from 1.46 percent in the fourth quarter of 2012, it said. Australias macroeconomic environment will continue to remain stable in 2013 due to low levels of unemployment and strong gross domestic product, analysts led by Hai Duong Le in Sydney wrote in the report. Low interest rates will continue to assist borrowers serviceability and ease the debt burden. The Reserve Bank of Australia lowered borrowing costs by 2 percentage points since November 2011 to 2.75 percent, and the unemployment rate fell to 5.5 percent in May from 5.6 percent in April. Almost half of all borrowers surveyed by QBE Insurance Group Ltd. (QBE)s lenders mortgage insurance unit were able to get ahead on repayments last year, thanks to the central banks rate cuts, the company said this week. Self-employed borrowers are lagging others, with delinquencies rising to 7.57 percent in the quarter ending March 31 from 7.05 percent in the prior three months. Those with low documentation have taken longer to adjust their spending and cure arrears due to the lumpy nature of the cash flows, Fitch said. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-06-19/record-low-rates-keep-australia-loan-arrears-stable-fitch-says



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