Total Members: 158,310

lsn

  • lsn replied to the topic Looking to develop with a credit default in the forum Help Needed! 3 weeks, 6 days ago

    In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

  • lsn replied to the topic Looking to develop with a credit default in the forum Help Needed! 3 weeks, 6 days ago

    In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

  • lsn replied to the topic Looking to develop with a credit default in the forum Help Needed! 3 weeks, 6 days ago

    In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

  • lsn‘s profile was updated 3 weeks, 6 days ago

  • lsn replied to the topic construction finance – broker advice needed in the forum No Subject 17 years, 2 months ago

    Hi Nat,
    How much is the fixed price contract? Minus the additional 40k?

    Regards
    Colin Kidd
    Loan Saver Network
    http://www.loansaver.com.au
    http://www.loansaver.net.au
    When the Banks say “no”. We say GO!
    m: 0404 362 262

  • lsn replied to the topic 1st property Help! Please! in the forum Help Needed! 17 years, 6 months ago

    Yes, this would be viewed as a car loan/ lease. There would generally be no property or land that a mortgage could be held over. Even if it could the property would most likely be unsuitable for a lender to take as security as the house could simply be towed away… reducing the value of lenders security.

    Regards
    Colin Kidd
    Loan Saver…[Read more]

  • lsn replied to the topic craa in the forum Help Needed! 17 years, 6 months ago

    I must re inforce the word contestable, which mean it is contestable if it is another parties fault. Ie the lender, or business who initially put it there. I have successfully been involved in transactions where the CRAA default was removed. But again this default was listed and acknowledged as a mistake by the business who listed it. Which was…[Read more]

  • lsn replied to the topic craa in the forum Help Needed! 17 years, 6 months ago

    Hi,
    Yes it is not impossible to have a CRAA default removed. But to take your case to Baycorp you will really need to have substantiated evidence showing you that were not at cause of the default. Moving house, not recieving statement etc will generally not be acceptable. There is a company that does deal in removing contestable CRAA defaults. But…[Read more]

  • lsn replied to the topic investor finance in the forum Help Needed! 17 years, 6 months ago

    Just be aware there are different regulations for broking in WA than the rest of the country. They will need to have a WA Brokers licence to write your loans. Occasionally i get the odd referral from clients in Perth, but i refer them on to a WA firm for this very reason.

    Regards
    Colin Kidd
    Loan Saver Network
    http://www.loansaver.com.au
    m: 0404 362 262

  • lsn replied to the topic What to write on a Victorian Contract Note in the forum Help Needed! 17 years, 6 months ago

    And/or Nominees is something you put on the contract if you want to have the option to nominate or add another party as a purchaser.
    For example- the contract would be signed as:
    John Smith and/or nominees

    This would allow you to nominate or include another party in the contract of sale, change the purchaser completely to (example): Jan Smith. Or…[Read more]

  • lsn replied to the topic What to write on a Victorian Contract Note in the forum Help Needed! 17 years, 6 months ago

    There are a few conditions to think about including:
    -Subject to finance: This should be at least 2 week subject to finance clause from the date of final signature.
    -Subject to vacant possesion. (if tenanted and you wish to occupy, or if you don’t want the tenents)
    – Subject to building inspection.
    – Subject to fittings and fixtures remaining.
    -…[Read more]

  • lsn replied to the topic What would you do in this situation in the forum Help Needed! 17 years, 6 months ago

    This all sounds good. Just remember to run it all past your accountant, and i gather your having problems with obtaining a financial planner suited to you.

    Regards
    Colin Kidd
    Loan Saver Network
    http://www.loansaver.com.au
    m: 0404 362 262

  • lsn replied to the topic Capitilising your loan for 6 months. in the forum Help Needed! 17 years, 6 months ago

    Hi Celeste,
    Yes, you can do that, but it is what a bank calls a construction loan. There are some benefits and disadvantages of one of these that can push someone out of qualifying.
    1. Lender requires the property to be complete (no walls missing etc) prior to starting.
    2. Construction must be on a fixed price building contract
    3. Difficult for…[Read more]

  • lsn replied to the topic Do I have enough equity in the forum Finance 17 years, 6 months ago

    Just keep in mind… i did not provide a full needs analysis and it might unveil unforeseen issues. Don’t take what i said as a full approval or indication of such… this can only be provided once a full loan application is submitted, and LMI has looked over the deal…. be aware, some lenders use an indicative as a means of removing you from the…[Read more]

  • lsn replied to the topic 100% Finance, Best Deal in the forum Help Needed! 17 years, 6 months ago

    The funds to complete purchase can vary from lender to lender, as each lender can have a different agreement with a mortgage insurer. For example the two main LMI competitors are GE and PMI, then there are some lenders who can self insure their loans. A Mortgage Insurer may provide a higher level of service and better rates to a particular lender,…[Read more]

  • lsn replied to the topic Capitilising your loan for 6 months. in the forum Help Needed! 17 years, 6 months ago

    Just to ad to the last comment. You will usually require 10-20% deposit for a line of Credit product. Where you can find 100% offset products around for 100% LVR lends. If you were wishing to capitalise the loan payments to the loan itself, in any of these cases the capitalisation with only be the funds you have remaining from the purchase. As you…[Read more]

lsn

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