All Topics / Help Needed! / Rural properties

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  • Profile photo of spider2spider2
    Member
    @spider2
    Join Date: 2003
    Post Count: 81
    September 13, 2005 - 2:02 am

    Hi

    I have 3 rural properties in WA that are unencumbered. I wish to set up a LOC on the properties and use the funds for more investment properties. The towns do not have a property manager or real estate agency and the tenants place money into my citibank account using a deposit slip at a Post Office.
    “the bank” has asked for a statement from a real estate agent or manager with proof of rent/potential rent, unfortunately I can not supply this?? Can anyone Help???

    Spider

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    September 13, 2005 - 2:35 am

    Can you show the bank statements?

    Ask the nearest PM to write a letter giving rental potential based on your description. I am sure they will do it.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 75% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of CeliviaCelivia
    Participant
    @celivia
    Join Date: 2003
    Post Count: 886
    September 13, 2005 - 3:07 am

    Will the bank not accept a copy of your citibank account statements as evidence of debits from your rent going into your account?

    Celivia

    Profile photo of spider2spider2
    Member
    @spider2
    Join Date: 2003
    Post Count: 81
    September 13, 2005 - 3:23 am

    Thanks everyone,

    I have supplied citibank account statements reflecting the rents for the last 6 months and no good. Maybe they think I am flying to WA every month and depositing the funds myself..Some banks won’t lend against certain postcodes and some will only lend up to 50 percent on rural properties. It is a bit of a juggle… thanks for your help

    Spider

    Profile photo of hmackayhmackay
    Participant
    @hmackay
    Join Date: 2004
    Post Count: 197
    September 13, 2005 - 4:45 am

    Hey Spider,

    What about a simple Stat Dec signed by your tennants stating how long they have been renting and the amount they pay?

    hrm

    Profile photo of toni89toni89
    Member
    @toni89
    Join Date: 2004
    Post Count: 125
    September 13, 2005 - 10:21 am

    Try another bank
    Cheers
    Toni

    Profile photo of lifeXlifeX
    Member
    @lifex
    Join Date: 2004
    Post Count: 651
    September 13, 2005 - 1:16 pm

    Property Guru (broker) was very helpful when I needed to find a lender that could do 80% on a large rural property.He is good.

    It might be worth sending him a PM.

    We used Homeside at that time.

    Live, Learn and Grow

    Lifexperience

    Profile photo of sokossokos
    Member
    @sokos
    Join Date: 2005
    Post Count: 8
    September 13, 2005 - 1:23 pm

    Out of curiosity was is BankWest that required the rental statements? Cheers

    js

    Profile photo of ErikaErika
    Member
    @erika
    Join Date: 2002
    Post Count: 151
    September 13, 2005 - 10:01 pm

    Hi
    What about also showing them your rental agreements which outlines the amount of rent the tenants are paying.

    Profile photo of spider2spider2
    Member
    @spider2
    Join Date: 2003
    Post Count: 81
    September 14, 2005 - 2:16 am

    Sokos,

    Yes it was Bankwest…..they also do not lend against some postcodes….obviously they do not want my money, I’ll give it to someone else

    Spider

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