A young couple in rural Australia commenced business as Carriers with capital raised from a Bank on the security of their home to purchase vehicles and equipment. They had secured a nationwide subcontract delivering specific goods throughout Victoria. The Principal failed and they were not paid for work completed putting them in troubled finance. The loan got 3 months in arrears and their Bank appointed a Liquidator to their Company who in turn seized the Business assets whilst the Bank sought to take possession of their home. Notwithstanding that they had secured a new profitable Contract, they were unable to obtain a release of their securities.
Eastwood Securities provided the required refinance on a 60% lend against their rural home together with a small loan on their parents property.
On 30/10/2014 Borrowers wrote ……
” Before I forget as it is going to get super busy over the next few months could you please pass a massive thank you on to those Investors who took the punt and provided both (name) and I the funds to purchase the house from the liquidated Company.
The last 3 years have been an absolute nightmare and without your help we would have lost our house which was something that we worked extremely hard at building our infrastructure for our business.
We were able to keep running the business and in turn made a fantastic profit.
We are a bit sad to be leaving you but know this was only an interim thing…