Urgent Finance Help Required

Viewing 7 posts - 1 through 7 (of 7 total)

bjmaca
Participant
@bjmaca
Join Date: 2004
Post Count: 18
July 4, 2004 - 7:53 pm
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??
Yorker
Member
@yorker
Join Date: 2004
Post Count: 306
July 4, 2004 - 9:46 pm
I’ll lend it to you at my friendly rate of 30%
Geronimo
Member
@geronimo
Join Date: 2002
Post Count: 167
July 5, 2004 - 1:25 am
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]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 5, 2004 - 1:57 am
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 Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Geronimo
Member
@geronimo
Join Date: 2002
Post Count: 167
July 5, 2004 - 7:01 am
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]
bjmaca
Participant
@bjmaca
Join Date: 2004
Post Count: 18
July 5, 2004 - 12:48 pm
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
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 6, 2004 - 12:15 pm
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
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