All Topics / Help Needed! / Dual Key apartment – How to get finance?

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  • Profile photo of hn_kif1hn_kif1
    Member
    @hn_kif1
    Join Date: 2010
    Post Count: 2
    July 11, 2010 - 5:36 am

    Hi All,
    Does anyone have experience in purchasing dual key apartments?
    I would like to understand how to get finance approved. I have found a 2 bedroom apartment which could be set up as a 1 bedroom and a studio. I intend to live in the apartment for 1 yr then eventually rent it out.
    My LVR is 12% and the value is $420k.
    Any advice would be appreciated,
    Thanks!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 11, 2010 - 7:25 am

    Many lenders do like taking dual key apartments as security but i am not quiet sure if this is what you are looking to purchase.

    A lot more information would be need to assess the deal correctly and provide you with some structured advice.

    Richard Taylor | Australia's leading private lender

    Profile photo of hn_kif1hn_kif1
    Member
    @hn_kif1
    Join Date: 2010
    Post Count: 2
    July 11, 2010 - 8:19 am

    Hi Richard,
    Yes I am looking to purchase this dual key apartment, I am keen to use it as an investment as the returns are high.
    I have the impression most lenders will not see dual key apartments as security. Do you have an idea on which lenders would provide loans?
    Thanks,

    Catherine

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 11, 2010 - 10:36 am

    Catherine

    Yes there are lenders out there who will take the property as security but it would depend on 101 factors.

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

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