So, you own a childcare business, great! Taking the next big step to grow and expand your business often requires having access to finance. As very few owners have the ability to use cash to purchase or expand, finding the right finance is very important. In this newsletter we discuss finance on a broad level with Quan Dang from Rumble Finance.
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Quan, please tell us a bit about yourself and your background?
I have been in the finance industry since 1996 working as a residential and commercial lending relationship manager until 2003 when I left the Banks to enter the finance broking business. For the past 17 years I have grown my finance broking business and in 2010 began specialising in funding for the childcare industry including finance for leasehold purchases, freehold & going concern purchases and development finance for childcare centres.
Tell us a bit about working with the Banks:
With my background in lending I understand what the Banks are looking for in a commercial application and will help you to prepare a professional application that gives you the highest chance of approval. The process is simple starting with an initial fact find, leading to a discussion paper that is presented to 2 to 3 lenders when possible. “Shopping” a proposal with multiple lenders is the only way to guarantee the best outcome for a borrower before proceeding to a formal application with the Lender of choice. I have built strong relationships with key personnel who are experienced in childcare lending, that is critical to ensure customers are dealing with the right people. Over the years, I have developed a strong and trusted relationship with the Banks resulting in a 94% conversion rate for approved applications.
What sort of issues can arise when dealing with financial institutions?
The typical mistakes that we will help you to avoid include picking the wrong Lender, providing the wrong information and letting the Lender take control. All Lenders have an appetite for different industries at different times so making sure you choose a Lender that has an appetite for childcare funding is essential. There’s nowhere to hide these days, with “Open Banking Policy”, Lenders are able to obtain everything they need from each other when you apply for a loan and knowing what information to provide and how to structure an application can be the difference between an approved or declined decision.
How can you help people looking for finance?
We will guide you through the application process and cut through the Bank jargon to give you the best advice on the Lender, product and pricing that is right for your situation. When your Lender is in control, they price for profit. When they deal with us on your behalf, they know we can offer you choices and this ensures they price to win your business.
How do you see the future post COVID-19?
The next 6 to 12 months will be an interesting period for everyone with business hopefully returning to normal after the COVID pandemic and lockdown. The Child Care Industry is one of the industries that is expected to bounce back quickly and strongly and there will be opportunities for passionate and good operators to take advantage.
How can people get in touch?
Give me a call on 0410 684 170 for an initial discussion and we will help to organise and prepare you to approach Lenders when you find your opportunity or if you would like to look at refinancing for a better deal.
Rumble Finance
Quan Dang – Director
Diploma Finance & Banking | Certificate IV in Financial Services
ACL: 394882
quan@rumblefinance.com
Mobile: +61 410 684 170
Fax: +61 7 3054 3182
Brisbane Club Tower
Level 8, 241 Adelaide Street
Brisbane, Qld 4000
