All Topics / Finance / Refinancing vendor finance

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  • Profile photo of Joseph12Joseph12
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    @joseph12
    Join Date: 2008
    Post Count: 57
    March 13, 2009 - 9:37 pm

    Hi,

    Is their any lenders who would refinance vendor finance ?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 13, 2009 - 11:07 pm

    what do you mean by vendor finance? If you mean an installment contract, then this may be difficult. You would probably need at least 20% equity to avoid LMI. Even then it may be difficult. I tried to do it for someone a few years ago and the bank wouldn't lend on value but just on the initial contract price.

    If you mean paying out a second mortgage, then this should be easier.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Joseph12Joseph12
    Member
    @joseph12
    Join Date: 2008
    Post Count: 57
    March 15, 2009 - 10:44 am

    Thanks Terry for answer. Yes I mean installment contract.

    Which lenders will consider refinancing installment contracts ?

    Thanks.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 15, 2009 - 10:52 am

    As Terry has mentioned they are and far between at the moment.

    Have done a few over the last couple of months and it is more a case by case answer than something that is written into policy.

    Richard Taylor | Australia's leading private lender

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