All Topics / Help Needed! / Using first home to borrow money for business. Is that possible?

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  • Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    January 2, 2010 - 1:26 pm

    Hi Guys,

    I need some advise. I bought my first property last July 09 and I have used up my cash to placed 20% as a deposit on a $230K+ property.

    I came across a business opportunity with a friend and I am a little short in capital to invest. I was wondering if there is anyway I can get some capital out of my home? I need about $50k

    Please let me know your thoughts.

    Thanks guys,

    Cheers,

    cats

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 3, 2010 - 12:23 am

    Hi Cats

    Subject to the current value of your property and your income you could probably obtain a line of credit to 90% of the market valuation.

    Not sure that will give you $50K but with the right lender and valaution it wont be a million miles away.

    Richard Taylor | Australia's leading private lender

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    January 4, 2010 - 2:36 am

    thanks Richard!

Viewing 3 posts - 1 through 3 (of 3 total)

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