What can i do to solve this.
I have 1 investment worth $200K with a morgage near 30k
i found a property with 2 duplex's and 2 units on a buisness block. Great potential , great investment. BUT
knocked the asking price down $23K to 230k , the property has been valued at $245K , i got my solicitor onto it, got pest and building inspection paid. Have enough cash to cover solisitor fees…. Asked to lend purchase and stamp rolled into one loan…. WAs promising but they are willing to lend me $237K total to both loans./……. Which means im 30K short……
I need to settle asap… what are my options…. any susgestions will help
Thanks,
I am unsure as to who your current lender is and without a bit more information it is difficult to assess.
In saying this with the equity that you have the finance should fairly straight forward but as I mentioned more information is required.
Richard Taylor | Australia's leading private lender
Sorry
Loan with members Equity
units on the land drops max borrowing to 60%
I think my issue is the bank….. Maybe i can drawal on my super
Yes it would be a ME issue as this si not the norm.
The circumstances under which you withdraw upon your Super are extremely limited and extreem hardship is one of the cases.
Switching lenders and getting a better LVr would be easier.
Richard Taylor | Australia's leading private lender
I'd agree, shop around for a lender/ whobroker is prepared to refinance both properties and give you a better deal.
As time is limmited I've got NAB to help me.. They are looking at my country property and are going to value my current property of interest again. I have to pay a $220 fee to value it but so be it…..
It will probably be a buisness loan but maybe in time i could find a better deal. i just need a quick solution. Not happy about possible 10% plus on interest.
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