A client was referred to one of our loan architects. He has sold his semi-D house 6 months ago and currently living in a rented property while looking to buy a smaller house.
He is a freelance advertising editor which no proper company documentation and an unstable income because of the pandemic.
He is currently looking to buy a smaller house worth RM1,300,000 but finds it extremely hard to get a loan because:
1. No current borrowing records (because he sold his house with a mortgage 6 months ago)
2. No stable source of income
3. No proper company documentation
4. Even applying for a credit card was rejected.
Our financial architect managed to solve his problem by getting an 85% loan (RM1,105,000) for him because he the money he got from his previous house was invested into shares, FD and also a premier bank customer.