I have two property deals I would like to move on. One is a piece of land $49000 that needs a 10% deposit. I am hoping to make 2 lots on the land and sell one off. Also looking to buy a property for $28500. I have enough funds for both as long as only 5% deposit is needed on the $28,500 house. It is rural though (pop. 2000) and no bank will lend more than 80% well none that I can find.
Instead of giving up on it is it possible to ask the vendor to leave 15% in the deal? How do I go about asking for this in a professional and a “i know what im doing” kind of way
If this does not work only other thing i can think of is a personal loan to make up the shortfall. But lenders wont give you a loan to pay off costs associated with investment purchases…will they?
Thanks for your help
Go the personal loan option. Just be honest with the lender in what you intend to use the funds for and I am sure they will assist you to get you over the line. I know many people who have achieved this.
Cheers
Mattare you sure about the lending? Check out the postcode at:
http://www.pmigroup.com.au and look for the location wizard. You probably could go as high as 95%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
put it on your credit card
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