Forum Replies Created
Hi Ozboy
Yes if you can strata the property now your finance options will increase however in saying that 3 units on a single title with a view to strata post completion is still very doable.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Gavin
No hate to say as most Installment contracts are for coded loans you will need something that meets the requirements of the NCCP legislation. We use FinPower software but is probably too expensive if you only have < 10 deals.
I am sure Loan Alert does it might just not be updated with the changing legislation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Cheryl
Welcome to the forum and hope you enjoy your time with us.
This is a property forum so you might not get too many fans of shares and the stock market post.
Whilst a lot of us have shares in our portfolios the majority of us built our wealth thru property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sitbon
Feel free to shout me an email and me happy to send you my API interview on how i build a $26M unencumbered property portfolio by the age of 40 generating over $1M / annum rent.
Since then with a variety of other strategies it is now over $40M.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ethan
Can you clarify what your question is ?
Personally i have no idea.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Amanda valuation now and valuation in April 2018 could be a mile apart.
I think you will find it difficult to sell something which has is supposed to be under market value.
Personally if i was the investor i would be running for the hills as there are plenty of unit bargains around which can purchased today well under market value.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Case
OK cheers for the additional information.
Equity part of the equation appears Ok but construction amount will depend on potential rental yield.
Probably going to need a little bit more information (number of dependants, any personal loans etc) to give you an exact answer.
Course in saying this would probably act quicker than later on the equity release as each day lending criteria tightens.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Case
Normally we would suggest a client access 20% deposit on the land and estimated construction amount from their own equity (obviously if this is not available you may still be able to go to 90% lvr) and then finance the balance of land and construction using the duplex as sole security.
No benefit at all in cross collateralising the 2 securities so certainly don’t get lured down that path.
Unsure the lvr you will require on the new construction so difficult to provide further details.
If you have a reasonable amount of equity then still doable at a sensible rate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi EW
We have our own Retail AFSL and operate a Pooled Mortgage Fund via our Company Australian Secure Capital Fund Ltd of which I am one of the 3 Directors. Current FOM is around $52M and growing weekly.
Been in the Private lending business since 1997 and done all-right for myself.
At the moment we have more good quality deals than we have funds to lend out.
Recently launched our Private Coding lending division which is fairly unique in the industry.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say this is an Australian based property website so you are not going too many responses.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Maxj
Not every lender assesses a loan using the recommended sensitised interest rate of 7.25% so there are still plenty of options left subject to how you have your existing loans structured.
Of course it is difficult to provide actual advice without a full assessment of your own situation but just because you get told it can’t be done by one party doesn’t mean the end of your investing career.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Garry
Yes very true and not the first time i have heard this.
In saying this if you have a relationship at business banking level and your A & L is strong the deal should be able to be approved.
Course in saying this you are not paying mum and dad residential rates or set up fees and that is something some builders / developers don’t like.
We have financed dozens of both our own project and indeed builders projects over the years but not thru the standard resi home loan channel.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes all of our loans are no more than 12 months using the purchased property as security.
Our rates vary between 12-18% on 1st Mortgages dependant on the location of the security etc.
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Yours in Finance
Richard Taylor | Australia's leading private lender
We do a lot of this type of business for property developers and flippers and is done thru our Private lending arm.
Settled one yesterday for a forum member who only needs the funds for 60 days when their reno will be complete.
Usually max lvr on the property security is circa 70-75% lvr so you might have to use your O/d for the balance and reno costs.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jempire, We go to 80% lvr on 2nd RM especially if you have sale contracts in place.
Would need more information but feel free to email me and we can certainly look at the deal as we are based in Brisbane.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kam
Tried to call you this morning to discuss without success.
Sent you a text so call me when you are free.
As a Private Lender we do a lot of these deals each week.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
KGV, why not do it as a Nodoc Non coded loan (No income evidence required) using your PPOR and the project as security.
Rate will be higher but you will retain 100% of the profit rather than sharing it with another partner.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Kevin you won’t find any online lender interested in doing a small development finance loan let alone one that will provide funding for subdivision costs.
Unless you have equity in your PPOR you won’t find a lender advance against soft cost (i.e Council fees, contributions, architects etc etc) on a small subdivision.
On the small side of development you are limited to a percentage of land or initial purchase cost and then a percentage of fixed price contract. You fund the balance.
For a bigger development then certainly funding against a gross realisation of the project is possible.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Keith
In Qld there is no legal requirement as to time frame when a contract needs to be presented to a seller.
Signing a buyers declaration means nothing. If your offer is the only one and they want more for the property they can always counter sign your contract and see what you say.
Sounds like the agent has no idea. Good luck.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kosta
Yes there are certainly lenders who will take her full return to work income when calculating servicing.
Letter from the employer confirming details etc will certainly help.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
