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  • Profile photo of bjmacabjmaca
    Participant
    @bjmaca
    Join Date: 2004
    Post 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??

    Profile photo of YorkerYorker
    Member
    @yorker
    Join Date: 2004
    Post Count: 306

    I’ll lend it to you at my friendly rate of 30%

    Profile photo of GeronimoGeronimo
    Member
    @geronimo
    Join Date: 2002
    Post Count: 167

    Hi BJMACA

    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!

    Good Luck!

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post 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.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of GeronimoGeronimo
    Member
    @geronimo
    Join Date: 2002
    Post Count: 167

    Gap Finance in Sydney can do 5% per month.

    If this is your last option, offer the developer 1% per month. From their position, they sell their property, and get some cashflow for a period after.

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of bjmacabjmaca
    Participant
    @bjmaca
    Join Date: 2004
    Post Count: 18

    Thanks for all of the updates. I will go back to the developer and see what they can do for me.

    Cheers

    The Mill Group – Assisting Financial Freedom become a reality. http://www.mill-group.com

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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.

    Cheers Richard
    richard at fhog.com.au
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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