All Topics / Help Needed! / Asset Rich – Cash Poor.

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  • Profile photo of rukruk
    Participant
    @ruk
    Join Date: 2008
    Post Count: 21
    August 21, 2014 - 3:37 pm

    I need finance to purchase another i p for $1,500,000.
    I have assets totaling $2,150,000, plus the new purchase, would bring my asset total to $3,650,000.
    My problem seems to be, $800,000 of my assets are commercial and commercial does not seem to rate very well with the banks, but that is where I get my best income from.

    I need help urgently as my finance period runs out on the 27th August 2014.

    I would really appreciate all the help I can get.

    Thanks,
    Investron.

    Profile photo of VandoVando
    Participant
    @vand0
    Join Date: 2014
    Post Count: 12
    August 21, 2014 - 5:22 pm

    Hey you tell me about it. What the f… is going on with the banks? Have they got any money at all?
    I just had clients with $5m Net property assets, $150,000 income with a $300,000 facility. The NAB knocked them back for a $200,000 increase. Why? I suspect because one of the applicants were over 60. Something very sick here. I think they’re being run by kids that have never bought property, who use poorly constructed computer models based on the GFC.

    Vando | Surf&Yoga
    Email Me

    Experienced property developer offers passive investment... 9.64% net PA, no gearing.

    Profile photo of Kinnon BellKinnon Bell
    Participant
    @kinnon
    Join Date: 2014
    Post Count: 151
    August 21, 2014 - 8:10 pm

    Hi Ruk – some figures would help such as you income, what sort of IP, proposed rental of IP? Are you heavily rent reliant? When you say assets is that with no mortgage attached or are they leveraged?

    Have you approached a bank and they said ‘no’ or have you spoken with a broker?

    • This reply was modified 10 years, 4 months ago by Profile photo of Kinnon Bell Kinnon Bell.

    Kinnon Bell | Kinetic Funding
    http://www.kineticfunding.com.au
    Email Me | Phone Me

    Mortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    August 21, 2014 - 8:48 pm

    Hi Investron

    Without sounding biased I’d speak with a decent finance person about your options.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 22, 2014 - 9:54 am

    We see it all day long. Clients with good Asset positions and limited income evidence (on paper).

    There are many ways around this especially in the Commercial sphere.

    Lodoc and lease doc is very much alive and well.

    Further information would be required in order to give a more accurate picture.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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