All Topics / Help Needed! / Vendor finance or 2nd Mortgage Needed

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of qlderqlder
    Participant
    @qlder8
    Join Date: 2016
    Post Count: 2

    Hi, does anyone Vendor Finance deposits or 2nd mortgage on Acreage Property?
    Im looking for someone who will.

    The story..
    My partner will be doing loan
    Has clean credit
    Has good employement history
    Has good income $110k plus

    Can get home loan BUT…

    For Acreage
    Needs 20% deposit, as looking at property 160acreas, which cancels the LMI policy of 120acres max (which then requires 5% min deposit, but geniune savings)
    Have a small deposit, but gift.
    Can get 25 acre property loan with 10% deposit, but too small for our liking.

    We are looking at a 160 ac property for $620k, we can do 10% deposit, but need the rest as Vendor Finance or 2nd mortgage. Postcode 4674….It is a lifestyle property, not income producing.

    If we had too, we would look at different areas and smaller acreage, but not smaller than 40acres, otherwise, we’d just do the 25 acres, ourselves.

    We would look at (if someone interested or can) the whole thing under Vendor Finance or we can get 80% loan and you do the rest?

    Anyone able to assist?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Good luck but don’t think you will find anyone to touch it.

    Would be a coded loan as I am assuming you are intending to occupy the property for residential purposes so they will need to hold an Australian Credit License. Also be surprised any first mortgagee is going to consent to a second RM on such a security.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.