CASE STUDY: Technology supports speedy regional SMSF deal

I helped a regional-based business owner secure a new premises for operations in record time.

The client:

Based in regional NSW, the client was ready to expand their business by purchasing a new premises. They approached their accountant to explore their options, and determined the most effective way to fund the purchase was through the client’s SMSF.

The challenge:

Not all brokers understand the complexity of SMSF loans, and finding someone local with this expertise can be tricky for clients in regional areas. In this case, the client’s accountant had worked with me on SMSF deals in the past and so immediately connected me with the client.

Using video-calling and email to ascertain the client’s needs, I established that the timeline was very tight. The agent looking after the property the client was hoping to purchase was seeking Expressions of Interest and submissions were due to the agent two days after my initial contact with the client!

That’s where my being in Sydney became particularly handy for the client. I called on a Sydney-based BDM that I have worked with for nearly eight years. We have completed several commercial SMSF deals together – all very like this scenario, involving an owner-occupied business tenant. We were able to secure an Indicative Approval within two days so that the client was able to submit their bid for the property.

Had the client relied on a local broker or tried to go directly to the lender, it is highly unlikely they would have been able to get the approval in time for the submission deadline.

The other advantage for regional business owners of working with a non-local broker is that the details of the deal can remain private. Anyone who has ever lived or worked in a small town will know that it can be hard to keep property deals a secret. With a Sydney-based team, there’s no danger that any specifics will leak out before the transaction is complete.

The result:

Thanks to technology like secure video-calling and electronic signatures, working with clients in regional Australia has never been easier.

The client’s bid was accepted and they have since received Formal Approval which means they will be able to settle on their purchase and move their business in to the new premises just three weeks after the loan was approved!

The material provided in this article is for information purposes only and is not to be considered financial advice. Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product. Lender policy and conditions, fees and charges will apply.