I have a property that brings in very good rents, x 4 plus i have struggled with payments due to other venture wheels falling off, ! etc…. I have decided to sell half of property as a joint venture, which is a win win for both parties, until the value of the market has dropped so much that i now am told that there is not enough to finance the deal as there is a short fall, i am at the stage where i will loose the property , its also my home of 30 years, and have got so far behind dont know what is the next plan
is there any other finace companies or private money that we can borrow to get this deal done and save the property.can pay the dept when completed.so you have good rents, but you can't pay your properties ?
What exactly went wrong, we need some numbersi trusted a group to build some town houses and lost six hundred thousand dollars, then lost employment , had a few other repairs not on list, then daughter had major accident, had to attend to her needs, , with rise of loans, and penality rates, i was not getting the cashflow to meet outgoings, fell into a heap.
and now the bank is bashing at the door, I have finally got into survivial mode. have some good partners that wll buy into my property, 50% it gives good rents, 10 acres with 4 rentals, total $1150. per week then there is agistments and stables.as well, bringing it up to the potential of $2400. per week.
the problem is i needed the value to come in good for finance, and the market has taken a dive. the valuer came when we are in the middle of doing some work and moving ,repairing. taking down some trees etc.
value came in short, so i am $140,000 short of my loan i am in payout. I have to find the shortfall.
I have offered a friend a 2 year deal at 10% return secured loan, but she cant get her supa yet.
running out of ideas.
any ideas please.i trusted a group to build some town houses and lost six hundred thousand dollars, then lost employment , had a few other repairs not on list, then daughter had major accident, had to attend to her needs, , with rise of loans, and penality rates, i was not getting the cashflow to meet outgoings, fell into a heap.
and now the bank is bashing at the door, I have finally got into survivial mode. have some good partners that wll buy into my property, 50% it gives good rents, 10 acres with 4 rentals, total $1150. per week then there is agistments and stables.as well, bringing it up to the potential of $2400. per week.
the problem is i needed the value to come in good for finance, and the market has taken a dive. the valuer came when we are in the middle of doing some work and moving ,repairing. taking down some trees etc.
value came in short, so i am $140,000 short of my loan i am in payout. I have to find the shortfall.
I have offered a friend a 2 year deal at 10% return secured loan, but she cant get her supa yet.
running out of ideas.
any ideas please.i trusted a group to build some town houses and lost six hundred thousand dollars, then lost employment , had a few other repairs not on list, then daughter had major accident, had to attend to her needs, , with rise of loans, and penality rates, i was not getting the cashflow to meet outgoings, fell into a heap.
and now the bank is bashing at the door, I have finally got into survivial mode. have some good partners that wll buy into my property, 50% it gives good rents, 10 acres with 4 rentals, total $1150. per week then there is agistments and stables.as well, bringing it up to the potential of $2400. per week.
the problem is i needed the value to come in good for finance, and the market has taken a dive. the valuer came when we are in the middle of doing some work and moving ,repairing. taking down some trees etc.
value came in short, so i am $140,000 short of my loan i am in payout. I have to find the shortfall.
I have offered a friend a 2 year deal at 10% return secured loan, but she cant get her supa yet.
running out of ideas.
any ideas please."i trusted a group to build some town houses and lost six hundred thousand dollars"
?Home owners warrenty insurance? Is it applicable to this venture?Valuation – if you disagree with the valuation you can always get your own independant one and submit it to the lending institution.
Mezzinine finance – Personally I do not know details of this but others on this forum do, try the search function
Jules, it sounds like you have had a tough time and may not be through it all yet. I do hope that there will be some helpful replies for you. All the best, Mick
jules3810 wrote:i trusted a group to build some town houses and lost six hundred thousand dollars, then lost employment , had a few other repairs not on list, then daughter had major accident, had to attend to her needs, , with rise of loans, and penality rates, i was not getting the cashflow to meet outgoings, fell into a heap.
and now the bank is bashing at the door, I have finally got into survivial mode. have some good partners that wll buy into my property, 50% it gives good rents, 10 acres with 4 rentals, total $1150. per week then there is agistments and stables.as well, bringing it up to the potential of $2400. per week.
the problem is i needed the value to come in good for finance, and the market has taken a dive. the valuer came when we are in the middle of doing some work and moving ,repairing. taking down some trees etc.
value came in short, so i am $140,000 short of my loan i am in payout. I have to find the shortfall.
I have offered a friend a 2 year deal at 10% return secured loan, but she cant get her supa yet.
running out of ideas.
any ideas please.ouch.
Have you spoken to your bank about this ? Surely they would understand the underlying investments are sound ? If they don't.. hm.. they yes you're off with ARMs or LOCs or even credit cards, but those are all very very risky to get into. Btw, banks all handle different maximums, so try to get some money from another bank.
By far you'll be best off with a bank. Be quick, because interest is on the rise. At CBA there are noises that rates will rise upcoming week.You could argue with the lender that the valuation was low or maybe try another bank. But I guess the other party wouldn't want to pay above market value.
Are you aware that you can access your super for an emergency such as being behind on your home loan repayments? Talk to your superfund about it.
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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