I’m looking for some advice in regards to short term finance for a friend.
Basically she is looking for a Low or No Doc bridging/caveat loan to see her through till sale of her house. Due to separation/marriage breakdown.The problem seems to be that the property is currently mortgaged to 80% LVR.
The Bridging lenders don’t want to know her because they wont go above 80%.
Personal Loan lenders don’t want to deal with her because she is self-employed and can’t produce financials.
Total refinancing will probably take too long and cost too much in exit fees…Any advice or ideas much appreciated.
Ronald
Hi Ronald.
We do a few of these so now the problem.
2 main questions:
1) How much is she looking for ?
2) Where is the property located.If you would prefer to take her personal information offline that is fine by me.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I know of a 85% Asset lend, 3-12months, rates from 12%, fees are rather high though. Best avoided it possible.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Ronald,
Your best bet might be a private lender to come in with a second mortgage over the current loan. She would probably be charged rates in excess of 20%, but as long as the loan was for a short period and you could negotiate very low upfront and exit fees, this could be a viable option. she would need to be pretty sure that the property will sell as you don’t want to get stuck with one of these.
Otherwise, as Terry said, there are asset lenders who will do up to 85% at lower rates, but you would need to refinance out of the current facility. Unfortunately none of the available options are cheap.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
http://www.perryfinance.comHi Ronald
I have emailed your friend with the details so hopefully we can assist her.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Many thanks everyone.
Richard with this kind of finance is it possible to have the setup costs and fees integrated/capitalised into the loan?
While she is aware that this kind of finance is very expensive. She probably won’t be able to afford huge setup costs up front.
And as you’re probably aware she’s not looking to loan a large amount.
Cheers
RonaldHi Ronald
Yes all that is possible.
Just need her to return the documentation requested in my email.Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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