Hi All,
Have just started to venture into investing and need to obtain finance to purchase a 30 person accomodation type property for $155000, with income rental of $470pwk @ 7 tenants only at the moment. The company trying to purchase this property was established 2 months ago, with investment properties as its main interest! I have been informed only certain lenders will touch such properties.
Also my brother has the opportunity to buy a property, the property is currently leased by a brothel!! He is also finding it difficult to find a lender for this with the brothel part being the hinderance. Even though the lenders are saying wow great investment figures, it’s the brothel factor. I believe there is some one out there who does this but don’t know who!!Does any one know of any of these lenders or perhaps a private lender who may be interested in either or both of these??
Help please!!!
Thank you
Kyliethanx for your time
There should be some lenders out there that will look at your 30 person accomodation. Is it a ful doc or a low doc, and what area? It will be much harder if not in a major city.
There are lenders out there that lend for Brothels, probably none of the major banks would do it as it may be bad publicity.
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
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