Forum Replies Created
Hi George et al
There are finance groups out there that can offer you assistance in your situation. You appear to have plenty of equity and a sound plan for development of your assets.
Have you considered development finance.
If you would like more info on a portfolio approach to development, I have a contact who specialises in this area through Xplore Finance.
Wow that table didn't copy accross very well did it.
Try this
Low-Doc No-Doc
80% 70%
Security value $125,000 $143,000
Loan Amount $100,000Hi Adam
My name is Steven and I work with a very flexible and common sense lender.
We have a range of products which might suit you and as an example I could offer you our Signature Home Loan within which you may to qualify for a Lo Doc loan based on your self employed status of 2yrs.
Low-Doc
No-Doc
80%
70%
Security Value
$ 100,000
Loan Amount
$ 125,000
$142,857
If you have security in property then we have no problem lending to 80% LVR, as above, however if you do not then we can still work together however I would need more information; Franchise type and name for starters (I have an associate who deals lenders for this type of acquisition)
If you can provide me with some more specific detail then we can investigate further how to help you make this happen.
Steven Thompson
Mortgage Consultant 0400 361 580Hi
If the property has been used for investment previously then you should be able to get a copy of the depreciation schedule from the current owner.
If not then your accountant should be able to help you put one together from a list of fixtures & fittings.
The property is only 5yo so there will be plenty of book value left on most items.
Hi again
Yes the products I work with are different and, although loans are securitised and AAA rated, where the LVR is less than or equal to 80% of the loan amount and the loan amount is less than $1,000,000 Xplore pay the insurance premium on behalf of the borrower.
Therefore as far as the borrower is concerned these loans are LMI free up to 80% LVR for most loans <$1M.
In most cases what you see is what you get from our products so far as the rate is concerned.
As said before there are other benefits to boot including on the surface:- no fees, valuation & legals cost subsidies; as well as other benefits beyond this too.Only too happy to discuss further if interested.
Have a great day
Hi Richard et al
Now it would be foolish to infer that Non-Bank securitised lenders were always the cheapest.
They do offer greater flexibility in many cases as they don't suffer from the beaurocratic straight jacket that the big banks often operate under.
As I said, you need to do your homework on lenders as well as the bricks and dirt you are investing in.
Not all N-B SL are the same either and one in particular is now operating in a way that can turn property investing, in particular, into a much more profitable venture the the singularity of capital growth. The underlying structure of this can make the actual interest rate somewhat of an irrelevance.
Again if you or any others would like more info on this then I would be only too pleased.
Now as to my longevity; OK so I have a massive 2 posts right now (and that thanks to a referral ) and like you I will keep the fires burning whilst ever there is interest. It may take me some time to reach the dizzy heights of 1700 though; we will just see.
Thanks for the promo Scrooge
As for growing a portfolio my advise is always to buy smart, and this web-site is an excellent guide on how best to do that so you are in the right place here to learn how get the most from your investments.
The key to growing a portfolio is of coarse is to buy well and borrow well. If you have followed good advice / research on your purchase then the next step is getting the most cost effective loan.
I would suggest that non-bank securitised lenders are an excellent option; the LVR determines the level of mortgage insurance required and only if >80%. Your ability to service all the loans you might have will determine your portfolio development potential and the return on investment will determine your serviceability, not the lender you choose.
Look for a lender which offers not only competitive rates but the best deal; No establishment fees, no monthly account statement or annual fees, Free redraws without limits, Salary crediting, Flexible payment options, Easy access to your account, Free legals*, Free Valuation* and a bonus paid back in cash after settlement.
It's not just about the rate it's about the package.
If you would like further info and to learn how to turn the business of borrowing for investment into a business then please contact me. It might just be the key that unlocks your door to wealth creation.
