I am in the very near future (six month) going to be refinancing my entire portfolio. I have all my eggs in one basket and that has been good initially, but now they have lost touch and what I have been thru will make interesting reading in my book when I write it! The chapter will be titled never give up!
Anyway, my requirements are complex, I have property in my name, as well as a Hybrid trust structure. Here are my requirements for the next 12 months.
1) Refinance Properties in Hybrid Trust (One is on a block to be subdivided, we will refinance when the subdivision is completed with two titles, the other a relocation project to be completed June 08, this one will extinguish as loan on the land and part of an LoC used to complete the project)
2) I will be looking for a further loan to buy some land to develop and then will seek a construction loan (timing, early 09)
3) I have two other properties in my name. They are currently on fixed rates of 7.2% until Jan 2010. One also secures an LoC up to 85% LVR, the other stand alone with an LVR of about 70% on a recent valuation.While I'd love to refinance these asap I doubt I will find as good a rate. One issue with the property with an LVR of 70% is the bank refused to provide an LoC up to 85% against this property.
I use a broker, but I am thinking the complexity of all this is getting a bit too much for him. He originally told me thru his calcs we were well inside serviceability requirement based on plugging the numbers in. However the bank suggested we were not very late in the piece. Far from impresses with that, not to mention the bank has screwed up our last three applications where I had to virtually calculate the LVR for them on this one. If my bank cannot do simple math this is a sad state of affairs. I am thinking its time to have my loan eggs distributed!
Does anyone have some thoughts our advise as I need to find people and institutions that will treat us like partners not numbers or commodities, as well as being able to provide service. We know we have the expertise to succeed as developers ultimately, and we want to work with an institution that is serious and can see the value of a long term relationship.
BTW we are based in Brisbane with property here, on the Gold Coast and Sydney.
Cheers
SimonHi Simon
I hate to say to you that unless you are a small business and need to borrow a lot of money from a Bank then the chances of finding someone at any of the Big 5 who can actually make a lending decision is almost non existant.
All of the major lenders have their credit departments at the State or Head Offices and the branch manager or personal banker has absoltuely no discretion on credit.
If you want to drop me email with some information concerning what you are after I can hopefully point you in the right direction.
Must admit i have done one or two HDT / UT deals in the past.
By the way i agree with you that SGB do have good range of investment product loans and we do a lot of business with the Bank.
Richard Taylor | Australia's leading private lender
With a HDT in there, St G is probably worth looking at. They have a good serviceability model too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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