We focus on the topic of “Disclosure”. It’s vital that the lender knows not only your full asset & liability position including all debts and credit cards but any adverse credit history no matter how small it may be.
Full disclosure allows your development finance consultant and lenders to address these issues upfront and discuss the circumstances surrounding them. Too often clients think that the lender won’t find out about a particular credit issue or default which may only be minor but in the lenders eyes this is seen a non-disclosure matter and may see an application be automatically declined without further review.
It’s also important to let your broker or lender know if you have approached and another lender or broker in regards to the same transaction. Most likely the other lender will have completed a CRAA check which will show on your credit file which will flag that the application has been placed with more than one institution. It will also avoid the embarrassment of your loan application turning up on the same lenders desk more than once thus alleviating the perception that the transaction is being shopped all over town and that there are issues with it.
