A young couple in rural Australia started a freight business with capital raised from their bank on the security of their home to purchase the business vehicles and equipment.
The business had secured a national subcontract to deliver specific goods statewide but unfortunately the Principal failed and they were never paid for the contract.
Their bank loan fell into arrears by three months so the bank appointed a liquidator who in turn seized the business assets whilst the bank sought to take possession of their home.
Although the business had in the meantime secured a new profitable contract, they were unable to obtain a release of their securities.
Eastwood Securities provided the required refinance on a 60 percent lend on their rural home together with a small loan on their parents property.
Another positive refinance outcome for one of Eastwood Securities clients.