Hi all,
Just wondering if anyone knows where i can get access to an unsecured loan of about $150K.I have recently seperated and am totally geared to the max and cant get funds from anywhere to sort out my situation.
I have no issues serviing the debt as i work in mining in WA and my cashflow is $5000 minimum per week.
Looking for about a 7 yr term which i plan to smash so i can move on and get my situation back on track.
i can open my books up to anyone and even introduce them to my accountant to provide details on asset pool and servicability, etc.
Another option to explore is I am a professional project manager so can co-ordinate or provide assistance in return with the deal on any type of project you have on the go. I have worked all over the world on all sorts of projects so big or small doesnt worry me.
Everything i do is legally binding so there is no issues with exposure to risk.
It would be extremely difficult to find a commercial lender willing to lend more than $20k to $30k unsecured. Far too dangerous to them.
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 Terry,
Yeah i know its risky but i have to try something.
Willing to pay over the odds for interest, i can do it easily and quickly but just need to find someone who is prepared to go in.I have house boat car and all sorts of other items to use as collateral.
I have never seen any Unsecured debt go above $90,000 and even that was not easy ( strong job stability – 20 + years; self employed and good asset based but was tired up.)
With most WA client’s especially in the mining industry; it’s not about your salary or what you make ( as most are on $100-190k) but it more your job stability the lender is looking at ;
1. Have you been in your current job with same employer for more then 3 years?
2. What are the funds used for?
3. Can you service your current debt easily now?
4. Any asset ? car? property? and value etcThe max you would get with most Unsecured debt would be $20,000 – 5 years loans 12.5%- 14%.
Once you go above $30,000- it goes to private lenders and the rate is 2% PER MONTH ( short term) on a 30 days bill rate.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Why can't you sell your house, boat and/or car??
Cheers,
Lukeluke86 wrote:Why can't you sell your house, boat and/or car??Cheers,
LukeIm thinking he has none- hence why his applying for a Unsecured loan?
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
therock1 wrote:Hi Terry,
Yeah i know its risky but i have to try something.
Willing to pay over the odds for interest, i can do it easily and quickly but just need to find someone who is prepared to go in.I have house boat car and all sorts of other items to use as collateral.
He said he does have a house boat and car and "all sorts of other items"
ohh yea- didn’t read his 2nd post
therock1 – Why don’t you use your car and house and applied as a secured debt?
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Pretty soon new legislation is coming in called PPS Act or Personal Property Security Act. This will allow security to be taken over all sorts of items.
This is going to revolutionise the world of security. You could theoretically get a loan secured on your coffee table. There will be a national register of items – like the land system – so credit providers can register their interest in the item and then gain priority over the item. (Not sure how you identify a coffee table or similar item when there are no serial numbers).
Many new strategies will come out in lending and asset protection etc.
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
Shape wrote:I have never seen any Unsecured debt go above $90,000 and even that was not easy ( strong job stability – 20 + years; self employed and good asset based but was tired up.) With most WA client's especially in the mining industry; it's not about your salary or what you make ( as most are on $100-190k) but it more your job stability the lender is looking at ; 1. Have you been in your current job with same employer for more then 3 years? 2. What are the funds used for? 3. Can you service your current debt easily now? 4. Any asset ? car? property? and value etc The max you would get with most Unsecured debt would be $20,000 – 5 years loans 12.5%- 14%. Once you go above $30,000- it goes to private lenders and the rate is 2% PER MONTH ( short term) on a 30 days bill rate. Regards MichaelShape, do private lenders require security for a $40k loan at 2% per month?
How fast could a normal lender loan $40k over a house 2nd mortgage and at what interest rate?
Luke,
i have 2 x investment properties but both are geared to the max so cannot get any equity out of them.
As for selling them after , agents fees, and CGT i would probably have to pay money to sell them.Michael,
I have been with self employed for last 4 yrs and my annual turnover has been climbing at about 14% per yr on avg and can service all my debts no worries at all.
There is a huge shortage of people at age and experience in the west which means i have people knocking my door to come and work for them.I am also looking for a JV partner as well to complete a subdivision in QLD(approved and ready to go) which will produce about $60-70K each which i can put towards the loan as well.
Private lenders will look at the overall deal + exit strategy …if it make sense and there is a clear path out ( ie your not just borrowing and hoping for the best) – security would help…but not alwasy required.
Regarding housing 2nd mortgage- this takes a longer time; as you need approval from your first mortgage to allow the new lender to go behind them; rate varies…..
therock1- i be honest with you…since your self employed your going to have no chance of getting any UNSECURED loan over $20,000- a lot of banks in the past gotten into trouble because of unsecured lending to self employed- and 8/10 of the time they use that fund to cash up the business which fails….
However if you have a clear business plan and direction; commercial lenders will lend towards your business if it has some value…this is very common especially for Established business.
I got one in the pipe line right now for a bakery – CBA commercial lent him $310,000 ( secured against the business —JUST the business not the shop…as he rents) because it was able to demonstrate the clear use of the funds and exit plans + it was well planned.Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
therock1 wrote:Luke,
i have 2 x investment properties but both are geared to the max so cannot get any equity out of them.
As for selling them after , agents fees, and CGT i would probably have to pay money to sell them.Michael,
I have been with self employed for last 4 yrs and my annual turnover has been climbing at about 14% per yr on avg and can service all my debts no worries at all.
There is a huge shortage of people at age and experience in the west which means i have people knocking my door to come and work for them.I am also looking for a JV partner as well to complete a subdivision in QLD(approved and ready to go) which will produce about $60-70K each which i can put towards the loan as well.
How geared are they? 95%?
also have you done a valuation recently to reveal it’s value potentialRegards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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