All Topics / Finance / Funding for bedsit 24 sq

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  • Profile photo of mhugomhugo
    Member
    @mhugo
    Join Date: 2004
    Post Count: 9
    August 24, 2005 - 12:30 am

    Could someone please advise if they know of any lenders who will lend on units/bedsits under 50sq. Having problems with this one.

    Profile photo of XeniaXenia
    Member
    @xenia
    Join Date: 2002
    Post Count: 1,231
    August 24, 2005 - 12:39 am

    are you using a mortgage broker? If not, I would recomend you do and get them to shop around for you.

    We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
    [email protected]
    phone 0412 437 582

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 24, 2005 - 12:57 am

    Hi mhugo

    Under 50 Sq M is not a problem dependant on how big.

    I have just completed one only yesterday at 40
    Sq M and we got LVR of 90.

    If you want to tell us a bit more i can point you in the right direction.

    Cheers Richard

    Ph: (07) 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of mhugomhugo
    Member
    @mhugo
    Join Date: 2004
    Post Count: 9
    August 24, 2005 - 1:01 am

    I am in outer Sydney area and looking at 2 bedsits of 24 sq each with LVR of 60% . My mortgage broker is having trouble finding a lender who will lend under 50sq, and also I am using a Unit Trust as the purchaser. Learning more each day…..

    Margy

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 24, 2005 - 12:48 pm

    That is very small! The unit i mean. St George may be able to do it, or there are private lenders that will lend for these, rates are about 8% though.

    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

    Profile photo of mhugomhugo
    Member
    @mhugo
    Join Date: 2004
    Post Count: 9
    August 26, 2005 - 6:27 am

    Thanks Terry,
    They are bedsitters, bedroom/lounge/dining all in one room, a kitchenette and a small bathroom. Mainly for uni students, and it is 2 minutes walk to the town centre and bus stop etc. Any help is appreciated. Today another unit in the block went up for sale with a new tenant. I really am interested but need finance to continue.
    Margy

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    August 26, 2005 - 6:53 am

    Hi Margy,
    I have a lender who may do this on 80% LVR @ 7.35%
    Feel free to contact me if I can help.

    Also: 95% low doc is available on Studio and Serviced apartments above 38m2, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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