All Topics / Help Needed! / URGENT NEED LOAN-UNENCUMBERED PROPERTY

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  • Profile photo of mcquiremcquire
    Member
    @mcquire
    Join Date: 2006
    Post Count: 7
    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    As mentioned to you in PM’s it is certainly doable although i cannot fathem why you would be willing to pay such an excessive amount when you could arrange a Nodoc style of loan for a considerably cheaper interest rate.

    On the downside is the timeframe given. Most Solicitors are now closed until the first week in January and whilst i have many contacts who could help they would not be prepared to settle in time.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252

    I would be surprised if anyone could settle a deal that quick during the xmas period considering there will be at least 3 days where the lenders are closed. Depending on lender and location a sateilite valuation maybe achievable.

    Next to establish the maximum you could borrow more information is needed to know the servicablility, you can email me with further detail if you like. Would need to know income, any loans you have credit card limits etc Also if this is going to be a rental what would the potential rent be?

    Wayne Skewes
    Mortgage Broker
    Email [email protected]
    http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Wayne,

    McQuire is after a caveat loan so 3 days (even over Xmas) would not be a problem as the interest rate will be extremely high and no income verification, CRAA or even property valuation would be required.

    At 8% Per Month private lenders work Xmas day i assure you.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252

    Yes I see, I miss read his request as 8% a year did note the per month until you mentioned it. I guess with those sort of rates you would work over xmas.

    Wayne Skewes
    Mortgage Broker
    Email [email protected]
    http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!

    Profile photo of mcquiremcquire
    Member
    @mcquire
    Join Date: 2006
    Post Count: 7

    Could anyone tell me what a satellite valuation is?

    Profile photo of ghealeyghealey
    Member
    @ghealey
    Join Date: 2006
    Post Count: 4

    Hi.

    I have a similar situation as mcquire. Can anyone help me as well?

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252

    Some lenders do a valuation via satellite eg google earth its quicker than doing a drive by. Westpac use this at times however if LVR high this would probably not be suitable

    Wayne Skewes
    Mortgage Broker
    Email [email protected]
    http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!

    Profile photo of mcquiremcquire
    Member
    @mcquire
    Join Date: 2006
    Post Count: 7

    Richard,

    I have passed on the details to my uncle as he is the one whom owns the property. His ID is ghealey. So if you can you can get in touch with him at [email protected]

    Thanks for all your assistance- and everyone else on this forum as well.[party]

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

    There are solicitor funders that can settle quickly and only charge approx 8% pa. around 70% LVR, Valuations required though.

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ghealeyghealey
    Member
    @ghealey
    Join Date: 2006
    Post Count: 4

    Terry,

    I have been in discussions with Richard whom is going to fwd my application to a lender who can settle on friday. I just hope he is being realistic and is on the level-not that I have any reason to doubt what he says.

    Profile photo of mcquiremcquire
    Member
    @mcquire
    Join Date: 2006
    Post Count: 7

    ghealey,

    Glad you got in touch with Richard. He seems to know what he is talking about.

    Three cheers for propertyInvesting.com[thumbsup2]

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