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  • Profile photo of alatusalatus
    Participant
    @alatus
    Join Date: 2010
    Post Count: 9
    April 13, 2014 - 8:30 pm

    Hi Hifo,

    Sydney metro is booming, prices have gone through the roof,so very hard to find PCF over there now. However, Central Coast is still reasonably affordable, but the tidal wave is quickly approaching.

    I live on Central Coast and I happen to know this market very well. My recent find is a 2b house+1b granny on one title,metal cladding/cement tile roof,fair condition,on 750m block! Comes with 1b Granny COUNCIL APPROVED! Asking 370k,will sell 350k. Current rent 465pw(6.2%),increase potential to 570pw(7.6%) after 20k reno.

    Due to my current personal circumstances, I’m not able to seize this opportunity, but I can let you to have it for a $1000 finders fee. As I said, I live nearby, so I can also manage the whole purchasing process + supervise reno, if required.

    Pls call back if you’re interested.
    Anthony 0400 782 700

    • This reply was modified 10 years, 7 months ago by Profile photo of alatus alatus.
    Profile photo of alatusalatus
    Participant
    @alatus
    Join Date: 2010
    Post Count: 9
    May 29, 2010 - 12:19 pm

    Banker,

    I'm using  mortgage company Mortgage Busters Pty Ltd from Brisbane that was recomended to me by a friend.

    I haven't been provided with a clear picture what actually has happened and why. I only was told that they first lodged my loan application to QBE LENDERS' MORTGAGE INS LTD and this was the reply they got "overactive credit file".

    My application has not been lodged to any bank yet – I believe that it was just the Mortgage Busters company the started the whole processing on their own by doing credit check on me, charging $660 for valuation and then passing my application on to QBE LENDERS' who did second credit check on me the following day morning
     
    I already told the Mortgage Busters Rep to STOP doing any more processing, reverse the damage that was done to my CRAA and refund the money as no valuation whatsoever had taken place.

    And here I am – scratching my head in disbelief and searching for any good ideas to enable me to move forward…

    Richard – thanks for your suggestion to try Gemworth out, Andy's idea of lovering LMI to 80% also sounds like a good one, alas the sole reason for this refinancing was to take out as much cash as possible…

    Other than that – I wonder if there's any way to remove such silly things as CF checks done by credit card providers if I didn't take their offer at all?

    Anthony

    Profile photo of alatusalatus
    Participant
    @alatus
    Join Date: 2010
    Post Count: 9
    April 3, 2010 - 11:44 pm

    Hi Dylan,

    I'm looking for something similar in Hunter Valley.
    Could you post more details or a link to builder's sales office, please?

    Profile photo of alatusalatus
    Participant
    @alatus
    Join Date: 2010
    Post Count: 9
    March 18, 2010 - 10:21 pm

    I have already bought the site and have gone through an expensive and lengthy process of getting the DA approved. 

    The land is mine having 200k equity in there, so I can offer 2nd mortgage as security. 

    LVR is used for lending against already established properties, it is NOT applicable for construction loans which can be either based on GRV (Gross Realisation Value) or construction hard cost.  

    I negotiated a 1m loan based on 65% of GRV which is almost enough to cover all development costs. “Almost“ means that I need to rise additional 80k to fully fund this project. 

    To summarise – I would like to borrow 80k for 12 months and I’m willing to pay back 20% more which means 20% annual ROI.  

    In exact numbers my offer is that I’m borrowing 80k and returning 96k after 12 months and the investor gets 2nd mortgage over my land as security.  

    Anthony

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