Im a newbie in this propety investin and loans
how to get a loan for 5.5 million? Give me an example refering to any bank.
How much deposit i need/?please help
Nehal Rajan Singh
Welcome to the forum Nehal.
Firstly, you would have to have enough income to service the loan.
Secondly, the LVR would be restricted to 70%/75% depending on the security (therefore, total property worth at least $7.4 million).
Maybe provide more details. You are more likely to get better quality answers.
Cheers
Stu
Nehal,
As we have discussed you may be better off finishing school then seeking employment before you start with your $5M deals. Perhaps a few smaller residential ones to cut your teeth on might show the lenders that you have the background to be able to successfully manage such a sum invested.
I do not mean to ridicule you or make you feel bad – I applaud your goals and ambitions. Just that it will be very difficult for you to get a loan like that at your stage [biggrin]
Cheers mate,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You would need an annual income of around $1,000,000 to service a loan of this size.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hi Nehal
If you had 1.5 mil and dropped it into a term deposit account with anz westpac or any bank.
Found a 20 unit development site with a fixed price contract from a builder for 3.9mil.
The land would be worth 3.2 mil.
The bank would lend you 80%.
You would have to take out 640k from the term deposit which is with the same bank.
Then the bank will lend the builder up until its complete the bank will capitalise the interest and your 840k is there security hence you don’t need serviceability.
When they turn the key at completion you have a loan of 7.1mil 50% more loan then you have asked for.
unfortunately for you unless you have sold any you also have a 7.1mil debt
and if you don’t sell any you will also have lost 1.4mil but that business.
So in answer to your question you need about 1mil
and if you wish I can give you a better breakdownhere to help
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