Hi all…just wondering if anyone has used Red Rock Mortgages in the past, and how you rated them???
They offer No/Low Doc Loans, LOC etc for almost ANY purpose…so long as you have equity!
Im considering using equity in my Special Rural/Tourist Zoned IP of 4.8 acres in Margaret River, WA(owe $200k, worth $850k), to construct a large shed and start a small Business.
Total costs would be in the vicinity of:
$70,000 Shed with ablutions to Lock up.
$70,000 Portable Sawmill and Truck
$140,000 TOTAL COSTI already have LOTS of work lined up 4 Business, as I am already involved in the Timber Industry.
Any thoughts or opinions would be greatly appreciated!!!
Cheers…Jamie
Jim
Firstly must say i have never heard of Red Rock Mortgage although i am sure they have never heard of me either.
Just be careful when companies tell you they will do Nodoc deals anywhere as in most cases they need to be mortgage insured and the Mortgage Insurers will not do deals outside certain post codes or where the property is not zoned residential / resi rural or in some cases rural. Specific zoning is very unlikely for a MI.
If you can go Lodoc and only require 60% or less then this is a different story but just be careful and do believe all that you read.
Richard Taylor | Australia's leading private lender
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