can someone help me obtain finance for settlement of a property on the 6th
of April. I purchased the property in Melbourne for $900,000 and put down a deposit of $75,000 and have
had plans put together to convert the current premises to a Clinical Day Procedure Centre and the plans are currently with the local council and the process is going well and should be finalised by end
of April or end of May depending on the advertising of the permit.The property is on a block of 1074 sq meters and has been valued for sale at $1.3M with plans and permits. I am anticipating sale by June or July so I would appreciate it if there is anyone out there who can help me finance this transaction and share in the profits once sold at auction after costs.
Firstly good luck and this answer is not trying to sound flipant.
Realisically i dont think you have any chance of having funds available for settlement by the 6th April unless you have other security and a short term funding arrangement can be utilised.
If you need a high lvr or GR finance based on end debt valuation i think you have no chance in obtaining in such a short period of time and will struggle to get it approved full stop in the current commercial market.
Sounds like you are trying to obtain GR funding on something that hasnt been approved yet.
If i am way off the market please post additional details.
Richard Taylor | Australia's leading private lender
maybe you just need some find someone who could help with the 20% deposit and borrow 80% of the purchase price – assuming you can demonstrate serviceability. Banks are running extremely slow atm, settlement is just over 2 weeks away so even that won't be easy.
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
Hi Boggled,
There may be options but unfortunately with this type of funding they don't come cheap.
To determine whether short term funding can be arranged, could you confirm the following:
– Are you only needing to obtain $825,000 to complete settlement (ie. do you have funds to pay other costs involved? eg stamp duty etc.)
– You mentioned the property 'has been valued for sale at $1.3M with plans and permits' – does this mean a valuation has been prepared on a 'With Council Approval' basis, what is the 'As Is' value of the property? What company prepared the valuation?
If you let me know these things there may be a few options that can be considered.
Cheers
RhysHi Rhys
I need $875,000. Trying to get a joint venture partner to cover the balance with a caveat loan or a second mortgage. Can you help. It is valued with permits. It was done by a commercial real estate agent at 1200 per sqm . If you can help it would be greatly appreciated. I have asked for a JV partner on this forum with a 50% profit share over a Milllion after costs..Look forward to hearing from you
"It was done by a commercial real estate agent at 1200 per sqm "
I think it is almost impossible to get a urgent finance with valuation by commercial real estate agent..
The grade A commercial property is down by 30% despite their prominent landmark building…
Gud luckBoggled,
god_of_money is right in that a valuation prepared by a real estate agent won't be too much help.
Assuming the $1.3m valuation I would only be able to obtain 65% ie $845k gross, would this be sufficient? Do you have an investor/JV Partner to contribute the shortfall? How confident are you of this valuing up?
Obviously the timeframe is another obstacle as a valuation from a panel valuer will be required but can be turned around within the timeframe. I assume due to the uplift in value the vendor will be quite happy not to offer an extension based on you having an approval for finance?
Feel free to email if you want to discuss the options further – [email protected].
Cheers
Rhys
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