Home ANTBITES (Media Releases) Online loan marketplace HashChing has a new product designed just for start-ups

Online loan marketplace HashChing has a new product designed just for start-ups

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HashChing founders Atul Narang and Mandeep Sodhi

Talk to anyone who’s ever tried to get a home loan without a regular payslip or evidence of recurring earnings – and the answer is almost universal – NO.

In a regulatory environment being ever tightened by APRA – it would appear the risk profile of lenders is forever shrinking, virtually closing the door on home loan options for start-up founders and entrepreneurs. Until now.

HashChing, the online marketplace for pre-negotiated cheap home loan deals has a new product just for founders and owners of start-up businesses.

Why is this loan suitable for start-ups?

The home loan, from a leading Australian specialty lender, is available to start-up business owners with no credit scoring. While there is a legal requirement to be able to service the loan and repay the debt – the loan’s terms and conditions are far more favourable to people with new or emerging businesses.

The terms and conditions include;

Where a borrower has more than 20 per cent equity in the start-up, the lender will assess the serviceability of the borrower based on their share of business earnings instead of payslips to meet the responsible lending requirements.

Why has HashChing rolled this out?

“As start-up founders ourselves, we know first hand how hard it is to secure finance,” said Mandeep Sodhi, CEO of HashChing.

“The reality is there are very limited options open to entrepreneurs and start up founders, when it comes to home loan finance.”

“Lenders demand certainty of someone’s earnings and evidence of regular payslips – and for business that are just starting or raising capital, the focus might not be on ensuring any founder is being paid a salary,” he further explained.

“HashChing now has a solution through its lender platform which specifically caters for the unique circumstances often faced by up founders,” he concluded.

How far has HashChing come?

Since launching, more than 1200 mortgage brokers across the country have signed up to the platform providing great deals to customers.

There have been more than one billion dollars worth of loan applications and more than two thousand customers have enquired about new loans or refinancing options.

“The Australian home loan market is worth $1.7 trillion dollars – which means that all lenders are ready to do deals,” HashChing co-founder Atul Narang highlighted.

“It doesn’t matter if you want a fixed loan, a variable loan, split loan or a special start up loan – HashChing offers mortgage product with interest rates below 4 per cent and well below the banks’ standard advertised variable rates.”

HashChing has also brought on two industry experts to sit on its Advisory Board – Claire Wivell Plater from The Fold Legal and Helen Lorigan, former CEO of Elders Financial Planning and renowned funds management professional.

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