Yes all sorted on those issues. We have a very good solicitor who seems to have covered every conceivable scenario and what needs to be put in place before it arises.

6.54% – better than the ones we were either rejected from or would only give $100k.

We also got approval from BCU (Bananacoast Credit Union) but it was at 8.34% so we are going with RAMS

For anyone that still viewing this topic…..WE JUST RECEIVED AN UNCONDITIONAL APPROVAL FOR $300000 from RAMS.

We approached RAMS. Luckily I was put straight through to Craig Green, a RAMS Lending Manager (ph: 0405 762 749) based in Sydney. He was the first person to think outside the square. He suggested I put my Daugher and Son-in-Law on the…[Read more]

Sorry Richard, I meant the “borrower” would explore all possibilities of lower interest before agreeing to the higher interest, who would inevitably be “the lender of last resort”.

Qlds007 wrote:
I know Linar has answered this post in the other Forum and i agree with his comments.With 6 previous Credit entries on your file now i think the chance of obtaining a loan other than thru Private FInance is slim.I can think of one lender who may have considered it from day 1 but they certainly wouldnt now as they are not a lender…[Read more]

@ Dean, we looked a subdivision but Byron Council will not even consider it as they want to retain the rural beauty of the area. Will have a look at guarantor option.

@v8ghia – haven’t tried CBA or NAB. Might have a look but we’re leaning more towards Stacks at the moment.

Thankyou all for great suggestions and support.

Terryw – Stacks are the ones that have approved $300k,, it’s just the 10.75% I’m trying to beat.

The bank won’t lend because of the macadamia nuts (commercial risk in their eyes).

To cut a long story short, we bought the property (with not mortgage) for $1.7m two years ago from money I had made doing a few small property developments in Sydney. We were very new to the industry and the farm was extremely run down when we bought it. Our…[Read more]

@ Linar, WOW! 15%! That makes me feel much better. Thank you!

Good advice. Thank you Gibbo1. Just one question, how do potential lenders know that I have applied and been rejected?

As I said on the other post, I failed to mention that I only want a loan of $300k.

I just read my post (which I will edit now) and I failed to mention that I only want to borrow $300,000.

Like I said, I’m new to the forum.