Hi Banker
Sounds fast. What Valuation did you do in 2 hours ?thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
As mentioned it was a RP Data val.
Many lenders / Brokers use these Modeled Estimates and the report can be done in seconds.
Richard Taylor | Australia's leading private lender
thecrest wrote:Hi Banker
Sounds fast. What Valuation did you do in 2 hours ?RP Data e.g. computer based valuation. If the estimated value is within reason based on the size of the land, and supported by recent sales data – RP data is acceptable. For owners estimate or deals with a Contract of Sale. The computer takes approx 30 seconds to make a decision whether or not a val is required. Most deals under 80% don’t need vals.
Hi Richard n Banker
OOOOhh goody, is this an option to those conservative valuers so favoured by the big 4 ?Coz I'm in the process of discussing this problem with St George, where I want to buy residential property, then mortgage it to release funds to buy a commercial property (motel), which then gets me a commercial loan at res rates BTW.
But, the point is, bank valuers are conservative ( unless they want to get struck off the bank list of favoured valuers), so for example, if I buy a res property for $500K cash, val is 90%, then bank will lend 80% of val, I've lost at least 30% of the borrowing capacity of my $500K cash through banks allowing themselves big security buffers at my expense.Anyone got any ideas ?
Maybe I should make this a new post instead of digressing off someone else's post, sorry Qld .
cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Lenders like Anz dont do full valuations on purchases or refinances irrespective of what they lvr is if a modelled estimate can be found or if it is a 90% purchase they take the contract of sale depending on where the purchase / security is (both in the same state fine if not likely be a kerbside valuation and asssuming a Real Estate Agent is involved in the sale).
In the Uk we used to call them 2nd gear valuations.
Richard Taylor | Australia's leading private lender
Also worth noting you can get your banker to revalue your properties every 12 months. In most cases their system will not request a new Val if you stay within 8-10% increase per annum.
It’s a good way to bump up your limits annually without formal valuations.
Qlds007 wrote:Lenders like Anz dont do full valuations on purchases or refinances irrespective of what they lvr is if a modelled estimate can be found or if it is a 90% purchase they take the contract of sale depending on where the purchase / security is (both in the same state fine if not likely be a kerbside valuation and asssuming a Real Estate Agent is involved in the sale).In the Uk we used to call them 2nd gear valuations.
Can't wait for Monday morning to ask St George about this and see how it works at their place.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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