Australian banks and large mortgage firms have seen a pronounced decline in borrowing over the past year. Stricter regulations redefined the post-financial crisis landscape, traditional banks have cut back on loans increasing rejection rates. The result? A significant number of borrowers are now working with private lending sources. No B*nk is such a financial source.
And why not? No B*nk gives the nod to individuals that traditional banks don’t want to lend to.
Private Lending: The Financial Intermediation
Where traditional lending institutions dare not tread, private lending systems boldly go.
Private money lending, as the name entails, means borrowing money from a private investor. It’s commonly known as "the oldest type of mortgage loans". Private lenders, such as No B*nk, finance deals that are being rejected, and/or labelled as not eligible by conventional loans such as those approved by banks.
No B*nk is operated in a non-banking environment and therefore, does not go through traditional bank requirements, whereas, banks have stiff regulations that pushes them to be not so friendly with new or small start-up businesses. Although both bank and private lenders are prudentially governed in Australia, more and more individuals as well as businesses go to private lending groups for financial assistance.
The Advantages of Doing Business with No B*nk
Private lenders like No B*nk attract investors because by simplifying their loan application process; offering easy access to funds. Other pros are:
No B*nk supports the growth of your business. In the current market, we cut through the noise, giving you the best possible opportunity to write new loans.
Paul Boyd Skinner, Managing Director of No B*nk has spent his career over the last 16 years helping thousands of people and businesses secure non-bank lending.