Needing an Unsecured(ideally) Loan for 4 units I am going Halves with a Fellow Investor. Im not currently working either…..Maybe a big call I know, however, at the price we are getting these units for (1 title) and what we can sell them for with $25k on renos(2 months max work ourselves hence no job) we will walk away with 50k each (at a 10% yield).
Im only needing 30k extra to go in.
Anyone have any ideas on who to see about getting the money?
The biggest hassle is that Banks want you to have a job, but also wont go halves in one title, they want the lot.
Low doc loans are no good as they have a minimum of 50k loan and half share isnt going to go that high (cheap units in a country town), also again half title problem.
My only two options so far are credit cards..not sure how much chance their with no job though.
Second option Private Lender and I do not know any.
Thoughts peoples?One option is caveat loans on my existing loans but..mmmmmmm..dodgy at the best of times, 6 months would be needed.
My partner wants a clear title on these units so loans out of the question.Credit cards a no go as I havent got a job..will try for an over the phone increase on one.
Any ideas people?
Some medium/high interest no security loan from private lender available…..I am lost as to why your Partner doesnt want a loan over the property.
I think you will struggle to get anyone lend $30K on an unsecured basis especially on a Nodoc style loan.
Private loan with mortgage or caveat on the Units repayable in 6 months would probably be doable.
Richard Taylor | Australia's leading private lender
My partner doesnt want a loan over the property as he has been bitten in the past when doing 50/50 deals and sees a clear title as the answer to his fears of loss.
Even though (as I explained to him, if worst came to worst and I defaulted, as he has the other name on the title, he would be offered to take over or repay the loan (which he would be able to do), and also the loan amount would be less then half of what my share is so he would actually win from me defaulting. But no…Fear instead. Thats OK though, we all deal with things differently. I just have to find a solution.
The caveat loan after a bit more research interests me. Ive sent you a PM Richard.caveat loans will be expensive – around 5% per month It will be hard to get a loan otherwise without a job You probably need a private type investor – share the profits if necessary.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes the caveat loan has died a grim death in this deal.
Anyone know of any private investors interested in loaning for this sort of deal?
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