Hi everyone,
I am a little shy to ask this question in front of everyone but if I do not ask I will not get anywhere. My employer of 15 years recently retired which left me unemployed,I currently live in a house which I have 50% equity in. I have purchased, renovated and sold properties (five in total) in the last 8 years which has provided me with a good second income. My problem is I do not want to go and work for an employer again as I absolutely love being in the real estate game, it is my only real passion in life. I have a healthy bank account, enough for deposits and costs on more investment properties and enough to live on as well but as I do not have a group certificate from an employer to show the lenders when wanting to borrow. Are there any lenders out there that anyone knows of that will lend money when someone in my situation wants to buy property and lease it out to cover the loan repayments.Thanks to anyone who can help.Hi,
Given how active you have been the short answer is happily yes, you have lots of options. As a broker I would present you as a ‘self-employed’ investor who used to have a second job and by providing two years of tax returns and investing in the types of properties where cashflow covers repayments we should be able to get you a low i% full doc loan or if need a slightly higher (0.5%) low doc loan without offering too much of your portfolio as security or none at all if you would rather draw a deposit from equity funds available eg through a LOC or redraw option than use your savings.
Drop me a line if you’d like more info.
Happy investing! Follow your dreams.
[
]
Mel
[email protected]Depending on the LVR you could even try for a NODOC loan.
Rates from 6.6%.
I am sure Mel can steer you in the right direction.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am single, and became “conventionally” unemployed but had business and rental history. However, my two banks of 20 yrs, refused an application and I received a loan for another investment property with a bank I had never dealt with which was Westpac. That was 7 years ago. I now deal with two banks and have an exceptional property portfolio.
If you wish to discuus any issues in length don’t hesitate to contact me:
ljenaway@ bigpond.com.au
Lynette
]
The topic ‘Are there ANY understanding lenders out there.’ is closed to new replies.
