help bank valuer and property value declined.. in market, need funds to finance for half share sale.asap

I  have  a property that brings in very good rents,   x 4 plus   i have struggled with payments due to other venture wheels falling off, !  etc.... I  have decided to sell  half of property as a joint venture, which is a win win for both parties,  until the value of the market has dropped so much that  i  now am told that there is not enough to finance the deal as there is a short fall, i am at the stage where i will loose the property ,  its also my home of 30 years, and   have got so far behind  dont know what is  the  next plan
is there any other finace companies or private money that we can borrow to get this deal done and save the property.can pay the dept  when completed.

so you have good rents, but you can't pay your properties ?
What exactly went wrong, we need some numbers

i  trusted a group to build some town houses and  lost  six hundred thousand dollars,  then  lost employment , had a few  other   repairs not on list,   then  daughter  had major accident, had to attend to her needs, ,   with  rise of  loans, and  penality rates,  i was not   getting  the cashflow to meet outgoings,     fell into a heap.
and now the bank is bashing at the door,   I have    finally   got into survivial  mode.    have  some good  partners that wll buy into my property,  50%    it gives good rents,   10 acres with  4 rentals,  total  $1150. per week   then there is agistments and stables.as well,   bringing it up to the potential of  $2400. per week. 
the problem  is   i needed the value  to come in good for finance, and the market has taken a dive.    the valuer came when we are in the middle of doing some work and moving ,repairing.  taking down some trees etc.
value came  in short, so i am  $140,000  short of my loan i am in payout.    I  have to find the shortfall.  
I  have offered a  friend  a 2 year deal  at  10% return  secured loan, but she cant get her supa yet. 
running out of ideas. 
any ideas please. 

i  trusted a group to build some town houses and  lost  six hundred thousand dollars,  then  lost employment , had a few  other   repairs not on list,   then  daughter  had major accident, had to attend to her needs, ,   with  rise of  loans, and  penality rates,  i was not   getting  the cashflow to meet outgoings,     fell into a heap.
and now the bank is bashing at the door,   I have    finally   got into survivial  mode.    have  some good  partners that wll buy into my property,  50%    it gives good rents,   10 acres with  4 rentals,  total  $1150. per week   then there is agistments and stables.as well,   bringing it up to the potential of  $2400. per week. 
the problem  is   i needed the value  to come in good for finance, and the market has taken a dive.    the valuer came when we are in the middle of doing some work and moving ,repairing.  taking down some trees etc.
value came  in short, so i am  $140,000  short of my loan i am in payout.    I  have to find the shortfall.  
I  have offered a  friend  a 2 year deal  at  10% return  secured loan, but she cant get her supa yet. 
running out of ideas. 
any ideas please. 

i  trusted a group to build some town houses and  lost  six hundred thousand dollars,  then  lost employment , had a few  other   repairs not on list,   then  daughter  had major accident, had to attend to her needs, ,   with  rise of  loans, and  penality rates,  i was not   getting  the cashflow to meet outgoings,     fell into a heap.
and now the bank is bashing at the door,   I have    finally   got into survivial  mode.    have  some good  partners that wll buy into my property,  50%    it gives good rents,   10 acres with  4 rentals,  total  $1150. per week   then there is agistments and stables.as well,   bringing it up to the potential of  $2400. per week. 
the problem  is   i needed the value  to come in good for finance, and the market has taken a dive.    the valuer came when we are in the middle of doing some work and moving ,repairing.  taking down some trees etc.
value came  in short, so i am  $140,000  short of my loan i am in payout.    I  have to find the shortfall.  
I  have offered a  friend  a 2 year deal  at  10% return  secured loan, but she cant get her supa yet. 
running out of ideas. 
any ideas please. 

"i  trusted a group to build some town houses and  lost  six hundred thousand dollars"
?Home owners warrenty insurance? Is it applicable to this venture?

Valuation - if you disagree with the valuation you can always get your own independant one and submit it to the lending institution.

Mezzinine finance - Personally I do not know details of this but others on this forum do, try the search function

Jules, it sounds like you have had a tough time and may not be through it all yet. I do hope that there will be some helpful replies for you.  All the best, Mick

ouch.

Have you spoken to your bank about this ? Surely they would understand the underlying investments are sound ? If they don't.. hm.. they yes you're off with ARMs or LOCs or even credit cards, but those are all very very risky to get into. Btw, banks all handle different maximums, so try to get some money from another bank.
By far you'll be best off with a bank. Be quick, because interest is on the rise. At CBA there are noises that rates will rise upcoming week.

You could argue with the lender that the valuation was low or maybe try another bank. But I guess the other party wouldn't want to pay above market value.

Are you aware that you can access your super for an emergency such as being behind on your home loan repayments? Talk to your superfund about it.

Terryw
Discover Home Loans
Terry@discoverhomeloans.com.au

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