All Topics / Help Needed! / Reno Financing Strategy

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  • Profile photo of getlootgetloot
    Member
    @getloot
    Join Date: 2006
    Post Count: 2

    Question for anyone who either has experience doing this or finance broking knowledge: How do you finance a series of renovation projects which last say 3 to 6 months each, without getting stung with exit fees. A revolving line of credit would be the most logical solution, but most lenders would like a constant security and then only charge you to substitute the second security. However, if you are renting and do not have a constant security then you cannot keep this facility open, and it may be hard to ensure that the settlement date of your new purchase and completed project coincide each time. Any ideas?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Just chose a loan without high exit fees!

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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