All Topics / Finance / Bad Credit Finance….help!!!

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  • Profile photo of BurlboyBurlboy
    Participant
    @burlboy
    Join Date: 2005
    Post Count: 22
    March 20, 2006 - 9:08 am

    Hi all! Im in a bit of a pickle and need some help if possible???
    Heres the situation…Im unemployed, disabled and have bad credit rating. “No chance” I hear you say…but please read on!
    I own a block 140km to Perth, which is able to be subdivided into 3 2000m2 blocks…worth $70,000ea. I also own approx $100,000 of furniture grade jarrah(timber). I have $100,000 in account earning 4%, being the proceeds from a block I just sold(PPOR – 80% growth in 2 yrs). I also have 1/3rd share of 5 acre block in Margaret River, WA, worth $650,000, which owes $200,000. This block is where my bad credit comes from, as its an investment with my Dad and Brother. We pay $115/week each on this property, and this is my only debt!
    I want to buy a house here in Bunbury, WA, where I live, for approx $350,000…and subdivide the rear block/s off within 2yrs and sell the house to repay mortgage, or part there of…leaving me with a block, or mabye 2, worth $120,000 ea.
    Im thinking that my $100,000 cash should be able to cover repayments/sub-div costs quite easily?
    Would love to get some feedback to my predicament…
    Thanks for your time and your help!!![thumbsupanim]
    Jim

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 20, 2006 - 1:50 pm

    Hi Jim

    I guess the 2 pluses you have immediately are equity and cash and they are a powerful combination.

    Depending on the severity of your credit impairment i think you would be able to fund a purchase and development if you are happy to offer the security of your additional vacant blocks of land.

    Just remember obtaining finance is one thing servicing it is another. So never bite off more than you can chew.

    Happy to offer further suggestions/

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 21, 2006 - 5:50 am

    Jim

    You don’t sound unemployed to me. You sound more like a professional property investor!

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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