Hi people.
I ran a search but as usual you end up reading for 2 hrs and still not being able to nail your exact scenario needs.
Can you still get private financing for a one off purchase , it’s a house and land , Vic and we need 70k.
Contract is ready to go now , we have good numbers but the banks are still carrying on so as it’s not much money and a very good deal I’m thinking private if possible , short term perhaps. I f you can still get it , how do I go about finding it in a hurry.
I don’t want to wrap the property but a higher interest for now would be fine .Thanks guys
CheersWhat is the LVR?
if it is in a major city you might be able to get up to 70% LVR. Rates are 10%+
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
As Terry said 10% ++ would be the go.
Might even get a short term caveat loan quicker.
I am still unsure what you dont want to go with Bank financing.
If it is a credit related issue then refinancing short term private funding will also be an issue later down the track.Richard Taylor | Australia's leading private lender
Thanks guys . I’m sorry I haven’t gotten back as yet , problems over Xmas unfortunately , what holidays ? Owell hopefully next yr .
Richard , how short a term would a caveat be , how do I get it and what do I need , and, how would it be viewed in my refinancing later when the time came ?
On the 10% stuff , well if had to that would do as it’s not much money and I don’t want to lose the deal, it’s still far cheaper than getting a wrap anyway . What would they need , assuming at those rates it shouldn’t be much ?
No it’s not city Terry , town zoning but -viewed semi rural by banks to my surprise b/c the house itself is still 15 min’s outside of the bigger main regional town ina tiny dot town and so answering Richards question on why not the bank- b/c they’re peddy and a pain in the a’s on that matter of it being 15min’s out !
Cheers .
Mister
A caveat loan can be from anything from 30 days to a year depending on the rest of the information, lvr and proposed end take out solution.
A rate or terms are almost impossible to quote as you havent given any information at all.
Caveat lenders still do due dilligence and want to ensure their security is protected.
Richard Taylor | Australia's leading private lender
Thanks Rich.
Yes I know I’m usually purposely vague in the financially nitty gritties on websites . Might pm you if thats ok and will cover then.
Sounds like there may be something suitable .Cheers
Sure email is often easier so i can read in front of the TV with the kids off my phone.
Either way happy to give you some suggestions.
Richard Taylor | Australia's leading private lender
Have you looked into a personal loan from a bank? (May or may not be the bank you are planning to go with for the main loan)
I just managed to borrow 40k to see me through short term till an investment matures. As a rule of thumb it seems for every $1 you borrow as a personal loan, it decreases your borrowing capacity by $3. Check to see if that may work for your situation.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
