Hi There!
We've just had a deal drop in our lap but we need to move fast. I have 170k but I need another 170k by 25th March, and our bank will typically take 30 days.
Company guarantee. Paying 10% (plus paying legals inc cost of creating first mortgage to secure your loan against a 300+k property). Length of loan 3 month min (if we reno and sell outright) or 15 month (if we LO which we would prefer because we already have a suitable LO buyer lined up). We have a dedicated experienced reno team and proven track record so I personally never lift a hammer.
0418 199 277 and leave a message, or email me for details.
MrFairGo at mrfairgo.com
Okay Sir, I'm interested. You do mean 10% per month, right? What's backing the "company guarantee"? I checked over the website and it looks like more of a concept than a company… what's the most recent tangible net asset value of the company?
Cheers, F. [cowboy2]
I am with Foundation at 10% per month i might be interested.
My SMSF looks at opportunities for a quick turnaround. Be interested to see a Balance Sheet for the Company.
Richard Taylor | Australia's leading private lender
10% p.a. , not per month.
I already have offer at 11.5%p.a. plus costs, for 6-mo loan (min).
I will accept that on Monday at 4:30pm unless someone wants to offer a slightly shorter term (e.g. 4 mo) or a lower rate (e.g. 10% p.a.) in the meantime.
Cheers
Mr Fair Go
Hi Foundation and Qlds007,
We actually have a number of entities (companies and a trust) and have been wrapping and Lease-Optioning and renovating since 2002.
Naturally I am not putting a balance sheet out in public, but suffice to say at this point we have 15 properties on the books, and current LVR at CBA about 65%. I can go back to CBA but I know from experience they can't do this one fast enough, so I am looking for an interim short-term loan, which we will pay out if we sell outright after the renovation, or more likely roll over to a CBA loan if we wrap or L/O the property.
We're putting up half the cash ourselves. In fact, the only reason there's a time limit is that we need to settle on the 25th, and another investing associate we've worked with before who was planning to go in this 50/50 with us, had his cash held up last week due to an unexpected delay in settlement of a shopping centre HE is selling.
Cheers
Mr FG
I would take the 11.5% PA.
We charge considerably more than that on our SMSF loan book and have no problems filling the quota each month.Also with all of our wraps and we have a few more than 15 we had Anz provide us with a totally unsecured overdraft facility for times such as this where we could write a cheque and settle and they could worry about the letter of offer and mortgage documents when their systems allowed for it. Might be worth getting CBA to offer you similar.
Richard Taylor | Australia's leading private lender
Hmm. Come to think of it, CBA have several times given me an unsecured overdraft when needed for a week or two between settlement and when they could get their paperwork act together. But it has always been their idea. No reason I couldn't suggest it to them I guess!
Thanks for that Richard – I will try it on Monday before I take the 11.75%. Even overdraft rates are not that high!
Cheers
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