treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Yes all sorted on those 13 years, 12 months ago
Yes all sorted on those issues. We have a very good solicitor who seems to have covered every conceivable scenario and what needs to be put in place before it arises.
6.54% – better than the ones we were either rejected from or would only give $100k.
We also got approval from BCU (Bananacoast Credit Union) but it was at 8.34% so we are going with RAMS
treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 13 years, 12 months ago
For anyone that still viewing this topic…..WE JUST RECEIVED AN UNCONDITIONAL APPROVAL FOR $300000 from RAMS.
We approached RAMS. Luckily I was put straight through to Craig Green, a RAMS Lending Manager (ph: 0405 762 749) based in Sydney. He was the first person to think outside the square. He suggested I put my Daugher and Son-in-Law on the…[Read more]
treborsuj replied to the topic Can not get a $300k loan on $3M rural property I own outright in the forum Sorry Richard, I meant the 14 years ago
Sorry Richard, I meant the “borrower” would explore all possibilities of lower interest before agreeing to the higher interest, who would inevitably be “the lender of last resort”.
treborsuj replied to the topic Can not get a $300k loan on $3M rural property I own outright in the forum Finance 14 years ago
Qlds007 wrote:
I know Linar has answered this post in the other Forum and i agree with his comments.With 6 previous Credit entries on your file now i think the chance of obtaining a loan other than thru Private FInance is slim.I can think of one lender who may have considered it from day 1 but they certainly wouldnt now as they are not a lender…[Read more]treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 14 years ago
@ Dean, we looked a subdivision but Byron Council will not even consider it as they want to retain the rural beauty of the area. Will have a look at guarantor option.
@v8ghia – haven’t tried CBA or NAB. Might have a look but we’re leaning more towards Stacks at the moment.
Thankyou all for great suggestions and support.
treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 14 years ago
Terryw – Stacks are the ones that have approved $300k,, it’s just the 10.75% I’m trying to beat.
treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 14 years ago
The bank won’t lend because of the macadamia nuts (commercial risk in their eyes).
To cut a long story short, we bought the property (with not mortgage) for $1.7m two years ago from money I had made doing a few small property developments in Sydney. We were very new to the industry and the farm was extremely run down when we bought it. Our…[Read more]
treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 14 years ago
@ Linar, WOW! 15%! That makes me feel much better. Thank you!
treborsuj replied to the topic Can not get a $300k loan on $3M rural property I own outright in the forum Finance 14 years ago
Good advice. Thank you Gibbo1. Just one question, how do potential lenders know that I have applied and been rejected?
treborsuj replied to the topic Can not get a $300k loan on $3M rural property I own outright in the forum Finance 14 years ago
As I said on the other post, I failed to mention that I only want a loan of $300k.
treborsuj replied to the topic Can not get a $300k loan on my $3M rural property that i own outright in the forum Help Needed! 14 years ago
I just read my post (which I will edit now) and I failed to mention that I only want to borrow $300,000.
Like I said, I’m new to the forum.