All Topics / Help Needed! / Wanted. An investor who would consider this deal…

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  • Profile photo of SloganSlogan
    Member
    @slogan
    Join Date: 2012
    Post Count: 6
    October 1, 2012 - 1:21 am

    Greetings

    Our lifestyle home is on the market for around $800 000. (real estate agent thinks we should have it on market for $850 – $875k)We owe $480 000.

    It is our family home and our 4 year old boys home. We planted all the trees!

    Due to factors i will explain to interested parties directly our interest rate is 9.75%.

    Is there anyone who would consider Vendor Financing type deal? Or perhaps even look to buy half the property with an option to sell it back in time?

    I know there is a deal out there and i am exploring all options. but as always as with most things in life – time is of the essence.

    Regards

    Scott

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    October 1, 2012 - 1:48 am

    What are you on an interest rate of 9.75%?

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    October 2, 2012 - 12:15 am

    Hi Shahin,

    For more details https://www.propertyinvesting.com/forums/help-needed/4346188

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 2, 2012 - 3:41 am

    Can you remind in which State the property is located.

    Hoping it not South Australia.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of SloganSlogan
    Member
    @slogan
    Join Date: 2012
    Post Count: 6
    October 2, 2012 - 3:58 am

    Hi Richard

    the property is in Victoria – Torquay – 1 hour from Melb CBD – a beach side town

    mate i can produce a independent property valuation done 7 months ago and is conservative because was done for a second mortgage and they always come in conservative.

    this deal would need to pitched so to speak at a private investor

    Regards

    Scott

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 2, 2012 - 8:53 am

    Thanks Scott no problems in doing a VF deal in Vic then or selling a percentage of the property.

    Course you would need to make it attractive to a potential investor given the quality of good deals out there.

    Other issue i can see is that if you sell part of the property your lender is going to need to consent to this.

    You would both be considered as Jointly and Severally liable for the entire debt and I not sure and potential purchaser is going to want to be paying 9.75% for his share of the loan.

    You are going to need someone who will do a private loan rather than sell part of the Title and he / she is not going to be able to borrow anything against the security property.

    Course if you sell the whole property on VF terms and agree to rent it back from the buyer this maybe different.

    All in all messy and not easy to put together.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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