All Topics / Help Needed! / Rural properties
Hi
I have 3 rural properties in WA that are unencumbered. I wish to set up a LOC on the properties and use the funds for more investment properties. The towns do not have a property manager or real estate agency and the tenants place money into my citibank account using a deposit slip at a Post Office.
“the bank” has asked for a statement from a real estate agent or manager with proof of rent/potential rent, unfortunately I can not supply this?? Can anyone Help???Spider
Can you show the bank statements?
Ask the nearest PM to write a letter giving rental potential based on your description. I am sure they will do it.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Will the bank not accept a copy of your citibank account statements as evidence of debits from your rent going into your account?
Celivia
Thanks everyone,
I have supplied citibank account statements reflecting the rents for the last 6 months and no good. Maybe they think I am flying to WA every month and depositing the funds myself..Some banks won’t lend against certain postcodes and some will only lend up to 50 percent on rural properties. It is a bit of a juggle… thanks for your help
Spider
Hey Spider,
What about a simple Stat Dec signed by your tennants stating how long they have been renting and the amount they pay?
hrm
Try another bank
Cheers
ToniProperty Guru (broker) was very helpful when I needed to find a lender that could do 80% on a large rural property.He is good.
It might be worth sending him a PM.
We used Homeside at that time.
Live, Learn and GrowLifexperience
Out of curiosity was is BankWest that required the rental statements? Cheers
js
Hi
What about also showing them your rental agreements which outlines the amount of rent the tenants are paying.Sokos,
Yes it was Bankwest…..they also do not lend against some postcodes….obviously they do not want my money, I’ll give it to someone else
Spider
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