Hi Everyone,
I am new to this but I sure would appreciate some help.
I am purchasing a student accomodation apartment in melbourne of 21.5 sqm, and paid off. (Property Value of $227,000 and rental income of $1300.00)Income: Personal exertion $50,000 p.a.
Rental Income $1,235.00 per mth = $14,820 p.a.Liabilities: $10841.41 (include credit card)
I need $60kI have just been advised by the National Bank and anz ,commbank ,westpac, bank west,that they no longer lend against Student Accommodation. It is hard to find a lender who understands borrowing using vendor terms, let alone to lend against such a small property.
Any suggestions as to a lender who can help?
york
Banks don't seem to like property of less than 50sqm, or student accommodation. Setting that aside, wouldn't it be best to first clear your credit card debt before taking on even more debt?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
York
i wish you luck as away from a couple of hard nosed private lenders i think you will find it difficult if not ni impossible to obtain finance on such a property.
One or 2 lenders might look at 50% lend but you would need to come up with the balance.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
St G used to be good at the small stuff.
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
Min 40 Sq Metres now with the Dragon.
Used to go to min 25 Sq M but those were the days.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ah… the good old days.
I also recall Wide Bay Capricorn were good. Probably no longer do small units too.
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
No they do but insist on a separate bedroom and laundry.
Can be 25 Sq Metres as long as it has a separate laundry. Go figure
Richard Taylor | Australia's leading private lender
thank you everyon to look after me
now I am looking for privet lender. do you anyone?
thank you Richard. I only need 25%
[email protected]
0431344782And is the other 25% coming from your own savings or sources.
Richard Taylor | Australia's leading private lender
this studio is already paid off. I need 50k to do home imporvment.
That's a lot of improvement for such a small unit. If I was the lender I would be asking what exactly are you going to do.
The private lender won't be cheap either. Rates maybe around 10% (+) and application fees of 2-3%, legals, valuations etc.
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
I'm confused – if it's already paid off, why not put students in it for a while until you have enough cash to finance the improvements without the assistance of a lender?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
i JUST BROUGHT IT. AND IT'S MY FRIST HOME. i HAVE TO WAITING 6 MONTH. i NEED 50000 FOR HOME IMPORV AND PAY BACK SOME MONEY FOR MY FRIEND.
DO YOU KNOW ANYONE CAN LEND MONEY FOR ME ($40K), JUST FOR 2 YEAR
www,igrin.com.au
This site lends in smaller amounts of $2000 – $5000 loans of higher value can be tried but chance of getting the funding low.http://lendinghub.com.au/
This site does have larger loans processed through itThese sites are a new concept called person to person lending and may be a way for you to gain a loan for the problem you have.
Yes but they charge 16% per annum.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Yes but they charge 16% per annum.Can be higher than this if credit rating is bad
Interest rate versus credit riskhi
Richard Taylor
Residential & Commercial Mortgage Broker. Ph: 07 3720 1888
[email protected].can you help me to apply it???
my phone No 0431344872 email: [email protected]
Sure email me a copy of the Title Search and i will put it up to them.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
duckster wrote:www,igrin.com.au
This site lends in smaller amounts of $2000 – $5000 loans of higher value can be tried but chance of getting the funding low.http://lendinghub.com.au/
This site does have larger loans processed through itThese sites are a new concept called person to person lending and may be a way for you to gain a loan for the problem you have.
Interesting concept…i didnt know this existed (i mean apart from the traditional mafia p2p loans!). Does anyone have any background using these sites?….i assume there is a fair amount of risk from a lenders perspective.
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