All Topics / The Treasure Chest / letter from lender?

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  • Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    do you guys know any lenders who will fax a letter of non-approval for a loan for a land? I tried enquiring about getting a loan for a land, and most lenders say they cant because i just quitted my job to start my own business. And the offer i put on the land, it can be cancelled if i get a letter from a lender saying that i was not able to get a loan from them.

    1) I asked around and most of the lenders just say no on the phone, but refuse to write me a letter confirming i called to enquire and unsuccessful.

    2) Will getting such a letter affect my credit rating?

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    mike,
    i just called several banks and enquired, and they told me they cant lend me that high a % and that i dont have a permanent employment now.
    I told the sale rep from the seller and they say sure they can cancel the contract, provided i can provide a letter from a lender.

    Do u mean i need to really apply for it (even when i know already that it would be unsuccessful), and perhaps get a black mark on my credit rating? Will that blacklisting make it harder for me to get loans in the future?

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    which lender always process the application quickly and can give me an answer the fastest?
    I have 15 days to cancel that contract.

    can i just send my application and then rush them to make a decision/reply?

    Profile photo of SooshieSooshie
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    @sooshie
    Join Date: 2002
    Post Count: 974

    Hiya,

    It may be way passed this stage now, but another thought was if you could find a joint venture partner or someone willing to put up the finance for you?

    Cheers
    Sooshie [:)]

    “Giving is a Blessing, receiving is the bonus”

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    mike, which lender on the internet can reply so quickly? tell me a few that u have tried, and i will try them.
    Coz now i asked several lenders and they say they can usually lend up to 50% ONLY for vacant land.
    So i dont think i can come up with the rest of the money, and since i still have about 2 weeks to get the rejection letter, i can still get out of this contract.

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    mike, which lender on the internet can reply so quickly? tell me a few that u have tried, and i will try them.
    Coz now i asked several lenders and they say they can usually lend up to 50% ONLY for vacant land.
    So i dont think i can come up with the rest of the money, and since i still have about 2 weeks to get the rejection letter, i can still get out of this contract.

    Profile photo of scottscott
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    @scott
    Join Date: 2003
    Post Count: 110

    Fullout
    Ive had the same thing happen to me, so I may be able to help you not sure as yet but will enquire for you.
    Dont go getting rejected just yet.[;)]
    Email me at[email protected]and I’ll see what I can arrange.

    Regards,
    Scott S

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    scott,
    i have sent u an email. pls check your account.

    fullout

    Profile photo of NathanNathan
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    @nathan
    Join Date: 2002
    Post Count: 77

    Hi fallout,

    If you get stuck, drop me an email at [email protected]. I can reject/ decline you really quickly, and it won’t affect your credit rating.

    What service!!

    Cheers,

    Nathan.

    Profile photo of fulloutfullout
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    @fullout
    Join Date: 2003
    Post Count: 233

    thanks guys,
    i am trying to get a few letters, to really prove to them that i have really been trying to get a loan.
    ( i have tried at least 8 – 10 lenders on the phone, but once they know i dont have the 20% deposit and a 6 mth genuine saving, they say i am unable to even apply. And they wont write a letter just over a phone call)
    I need all the help i can get!

    Profile photo of OzbrokerOzbroker
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    @ozbroker
    Join Date: 2003
    Post Count: 16

    Fullout

    I’m a broker and have our own badged product. If you give me a call tomorrow (12/6), I’m sure I can arrange something for you.

    My office number is 02 49529910.

    My email is [email protected] and my website is http://www.mortgagexchange.com.au .

    Profile photo of OzbrokerOzbroker
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    @ozbroker
    Join Date: 2003
    Post Count: 16

    Fullout

    I should also mention that there will be no need for a credit check, therefore no reference on your credit file.

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