bjmacaParticipant@bjmacaJoin Date: 2004Post Count: 18
I have a property that is due to settle in 1 weeks time. I purchased it off pan and it has come around quicker then expected hence I have been caught short. I have an 80% loan agreed and already paid 5% deposit. I need to raise about $70k on some sort of short term finance. I am currently in the UK and am earning good money. I have a good portfolio and I have some cash coming in the next 2 months.
Any ideas on the best way to raise the finance??YorkerMember@yorkerJoin Date: 2004Post Count: 306
I’ll lend it to you at my friendly rate of 30%GeronimoMember@geronimoJoin Date: 2002Post Count: 167
Have you tried approaching the developer first? Ask them to leave 15% in the property until your cash comes through.
Depending on where the property is, developers are generally not as quick to can the deal at the moment and onsell the property.
Short term lending can be expensive, and Yorker’s offer of 30% is not bad compared to some companies out there. I came across a company on the Gold Coast that charged 8% per month!
Acute Mortgage Reductions
[email protected]TerrywParticipant@terrywJoin Date: 2001Post Count: 16,173
short term loans secured by caveats on this and/or other property is available for about 6% to 10% per month. They can usually settle in about 5 days. These are far from ideal, but you may not have an option.
Discover Home Loans
[email protected]GeronimoMember@geronimoJoin Date: 2002Post Count: 167bjmacaParticipant@bjmacaJoin Date: 2004Post Count: 18Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,010
Another alternative is to use the mortgage broker you recommend in the link to your website which appears to have been omitted from your original question.
richard at fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
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