Hi,
Looking to buy property. Recent cash flow changes provides – 5700 per week, but only been recent change and have been paying off debts so deposit non existent.
Have about $100k in Equity in 2 properties, but prefer not to sell as these are almost cashflow neutral. Some A grade properties available for sale on Gold Coast which I would love to take advantage of.
Is there any people / companies lending unsecured cash – around the $200k mark for a deposit? Or am I dreaming.
Thanks in advance
Hi
don't think you will find anyone. with no security, it is extremely risky for the lender – what if you refused to repay?
maybe you could look at vendor finance – where the seller can lend u the deposit.
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
Regretfully Yes you are dreaming.
Why dont you use some of the equity in the 2 properties. 100K would go a long way to providing a deposit or two.
Richard Taylor | Australia's leading private lender
Terryw wrote:Hidon't think you will find anyone. with no security, it is extremely risky for the lender – what if you refused to repay?
maybe you could look at vendor finance – where the seller can lend u the deposit.
Thanks Terry, this is definately an idea. Just need to find the right seller who has the cash/equity in the property plus a real estate agent who is willing to think outside the square. I think it may also reduce the negotiation on price that can be done. I just want it all
.
Any advice on how to approach Agents and owners for vendor finance would be apprecaited. I also have access to RPData if you think it may be an advantage to go directly to owner.Thanks
JasonQlds007 wrote:Regretfully Yes you are dreaming.
Why dont you use some of the equity in the 2 properties. 100K would go a long way to providing a deposit or two.
Thanks Richard.
Currently I have
SGB – Loan $415k, value $470
NAB – Loan $515k value $600Would a bank look at this equity?
Thanks
JasonJason
Sure subject to income you could go back to both of your current lenders and ask them to look at taking the loan upto 90% LVR and then use the funds elsewhere.
Still a few lenders who will 95% lvr so all depends on the purchase price whether you would have sufficient.
Richard Taylor | Australia's leading private lender
Peterson
Do you lend to Australian based people?
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
Terry can i answer that one for you ……………… NO
Richard Taylor | Australia's leading private lender
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