All Topics / Finance / Urgent Finance Help Required
I have a property that is due to settle in 1 weeks time. I purchased it off pan and it has come around quicker then expected hence I have been caught short. I have an 80% loan agreed and already paid 5% deposit. I need to raise about $70k on some sort of short term finance. I am currently in the UK and am earning good money. I have a good portfolio and I have some cash coming in the next 2 months.
Any ideas on the best way to raise the finance??
I’ll lend it to you at my friendly rate of 30%
Hi BJMACA
Have you tried approaching the developer first? Ask them to leave 15% in the property until your cash comes through.
Depending on where the property is, developers are generally not as quick to can the deal at the moment and onsell the property.
Short term lending can be expensive, and Yorker’s offer of 30% is not bad compared to some companies out there. I came across a company on the Gold Coast that charged 8% per month!
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]short term loans secured by caveats on this and/or other property is available for about 6% to 10% per month. They can usually settle in about 5 days. These are far from ideal, but you may not have an option.
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
Gap Finance in Sydney can do 5% per month.
If this is your last option, offer the developer 1% per month. From their position, they sell their property, and get some cashflow for a period after.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]Thanks for all of the updates. I will go back to the developer and see what they can do for me.
Cheers
The Mill Group – Assisting Financial Freedom become a reality. http://www.mill-group.com
Another alternative is to use the mortgage broker you recommend in the link to your website which appears to have been omitted from your original question.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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