All Topics / Finance / Urgent bridging finance/ non conforming lender finance required

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  • Profile photo of LinarLinar
    Member
    @linar
    Join Date: 2004
    Post Count: 567

    Hi all

    I need to access some money very quickly.

    I have bought a block of land and paid a substantial deposit.  Settlement was due to occur this week but because of delays by both the vendor and me settlement has been delayed by two weeks.

    Originally I applied for a low doc loan but was knocked back today (too many other mortgages, although I have a very low LVR).  I have a LOC that has some money that I could use, but the rest of the money in the LOC is tied up in blocks of land that I own outright in Darwin.  I have one unconditional contract on one of the blocks of land in Darwin and am expecting another unconditional contract on the other block early next week.  The proceeds of the block with the unconditional contract will be enough for me to buy the new block outright, but I will not get the money until about one week after the settlement date on the new block. 

    I would not normally have a problem with paying default interest except I am concerned that the vendor will exercise his option to terminate the contract and I will lose my deposit. 

    I do not want to approach the bank that I have the LOC with for reasons that are too complicated to explain.

    In short,  I want some sort of bridging finance for about $150,000 for about 4 weeks.  I am happy to put up the two blocks in Darwin as security and/or pay a much higher interest rate.  I just need to get this deal across the line. 

    Oh yeah, and I want the money URGENTLY, ie, the next week or so.

    Any suggestions?

    Cheers

    K

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

    Even one of the non conforming lenders will not be able to act that quickly you are better of with private funds as long as you can show them a take out strategy.

    Richard Taylor | Australia's leading private lender

    Profile photo of LinarLinar
    Member
    @linar
    Join Date: 2004
    Post Count: 567

    What do you mean "private funds"?  Where would I source that?

    K

Viewing 3 posts - 1 through 3 (of 3 total)

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