I am interested if anyone can help shed some light on my problem… relatively speaking I am "asset rich but income poor" and would like to know how i can gain access to further funding based on my asset equity as opposed to "Loan Serviceability". I currently have a capitalizing line of credit but If i need to borrow further i'd like to know about possible options.
Hope someone out there can help !!All boils down to equity.
Couple of lenders till left that will advance funds on a reduced LVR where no traditional evidence of income is required however all depends on the overall deal.
Also i guess should you be borrowing if you feel you cannot pay it back ?
Without further hard data it is difficult to comment further.
Richard Taylor | Australia's leading private lender
Thanks Richard….
I have capital resources & property equity and can service potential future borrowings with potential rental earnings.. problem is acquiring upfront outlay to purchase.. without a (current) established income. I've read of someone in these forums being able to borrow utilizing only their assests as security without income being part of the equasion?? Would possibly be through non traditional aussie lenders perhaps?? this is what i'm trying to find out!Depending on the equity involved probably wouldnt need to go through non traditional lenders but without actual hard data it is difficult one to advice on.
Nodoc and very very lodoc is still around JUST.
Richard Taylor | Australia's leading private lender
mrstinky wrote:Thanks Richard….
I have capital resources & property equity and can service potential future borrowings with potential rental earnings.. problem is acquiring upfront outlay to purchase.. without a (current) established income. I've read of someone in these forums being able to borrow utilizing only their assests as security without income being part of the equasion?? Would possibly be through non traditional aussie lenders perhaps?? this is what i'm trying to find out!In summary, no you can't service the debt but wish to incur the debt in the hope rent will cover it.
If I knew a little more about your situation, I could possibly help. Obviously, the more equity and assets you have, the easier. If you want to post more info, or send me a private message – it could potentially help.
FS
There are many reasons why client wish to utilise Lodoc / Nodoc style products so drop me a line and I can give you some suggestions.
Richard Taylor | Australia's leading private lender
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