Hi,
There is much to learn…hopefully from this audience.
Bits I picked up seems that there is a source of reputable finance that may be available through the solicitors network who knows of wealthy private individuals wnating to lend others money. Can anyone shed some light on how this works and suggest some leads?
The finance levels I am thinking of would be around $0.5m.
Thanks in advance
Hi Scarecrow
Most brokers have access to these types of funds. LVRs are around 70%, but can go up to 80%. rates can vary depending on the security property type and location etc. Generally, these are easier to qualify for and some do not even do a credit check.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
“..who knows of wealthy private individuals wanting to lend others money.”
Before approaching “wealthy private individuals” you must have the experience and knowledge to present a profitable and risk adverse proposal.
“There is much to learn”
If you are starting out, I would recommend gaining some experience i.e. working for people in the industry, before considering “leads” or private capital.
Private capital is often far more difficult and time consuming to attain than institutional funds i.e. bank loans, etc.
And if you are not experienced and the deal “falls over” you can find yourself facing a severe financial liability, if you are not aware of how these deals are structured.
OPM [other people’s money] makes up a very small part of the equation when raising private funds.
— Michael
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