Hi everybody,
I have found a prospective IP deal but am struggling to get the finance from the banks. The property will sell for about $450 k and comprises 3 units on the one title, with the rental income $600 pw before any reno's in an area ripe for future capital gain.
My PPOR is valued at $800 k and I owe $380k. I also have $220k cash from an inheritance. My problem appears to be my lack of income through only working part-time (me $45k per year and my partner about $10k).
I intend to do reno's on the unit myself (i have done this in the past) so I don't particularly want to have to go back to full-time work just to get a loan. I have had lo-doc and no-doc loans in the past but they don't seem available anymore.
Can anybody point me in the right direction or suggest anything I can't see? I don't really want to pass up this current opportunity.
Cheers, Rick
Hi Rick
Yes the new Credit laws have curtailed some of the Nodoc / Lodoc lending however in saying that there are still plenty of excellent products out there that require varying levels of documentation from "stated income" to the odd BAS statement to merely holding an ABN for greater than 6 months.
I would need a little more information to tell you whether i feel the deal can be done but in all honesty most deals can be done some way. Feel free to drop me an email if you want me to cast an eye over the deal i slightly more depth.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Thanks for the reply. I also beleive there must be a way to make it work. I will email you in greater detail to see what you think I can do.
Regards, Rick
No dramas
Look forward to hearing from you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
if you do find a solution i would be curious to know the details on what you did.
illumnati
There are many ways to obtain a loan with equity.
The NCCP certainly places the emphasist on serviceability and as a consequence many traditional lenders withdrew their Nodoc / lodoc style products but as always when 1 door closes another 1 opens.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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