loan for 38sq metre flats

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nordicskier
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@nordicskier
Join Date: 2004
Post Count: 85
April 19, 2005 - 11:43 am
We are having difficultly sourcing a loan for 4 flats- 2 are 38sq metres, 2 over 50sq metres. Can you suggest lenders who might be worth trying?
We have an unencumbered block of land in rural Victoria to use as additional security. We’d like to borrow 80% value of flats & block of land.Any ideas appreciated.
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pfsfinance
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@pfsfinance
Join Date: 2004
Post Count: 171
April 19, 2005 - 12:25 pm
Do the 2 smaller flats have kitchens?
I’d have to ring a funder tomorrow to see if they will do under 45m2.
What postcode are the properties in and are you looking for full doc or lo doc?
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Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
April 19, 2005 - 4:55 pm
HI N.S,
Are they strata titled or all on the One title?
If they are on the 1 title then unfortunately most lenders will class it as a commercial deal,
However, St George may look at 4 units,
The size should not be too much of an issue unless they are inner city apartments or motel conversion etc,
I will need more info regarding title details, p/code, standard or low doc finance etc,
BTW, I wouldnâ€™t use the unencumbered block as part security, by all means use the equity in the block for the deposit or the shortfall in LVR but no need to x.coll the 2 properties over a single loan, cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
April 20, 2005 - 12:45 am
I think St George are good with smaller units – over 35sqm.
Wide Bay Capricorn also used to do smaller units.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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pfsfinance
Member
@pfsfinance
Join Date: 2004
Post Count: 171
April 20, 2005 - 10:31 am
I have emailed you with a lender that will definately do it. I spoke to them today about your situation.
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Mobile: 0425 358 293
nordicskier
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@nordicskier
Join Date: 2004
Post Count: 85
April 21, 2005 - 6:46 am
All units have kitchens, they are on one title, two by two attached. Just plywood between! Tenants cope with the noise!
Had positive interest from ANZ and Hume Building Society.
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