Looking to find a private funder. I am renovating and strata titling some units. Will be needing 60k for max 8 months (should be closer to 6 months but added extra just in case). Any one got any ideas how to find people. I have a good solicitor who will be able to draw up the paper work.
What security are you offering and what are you willing to pay?
There is always money available and these are the key issues usually.
Cheers,
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.
As Simon says what is the security you are offering presumably not the units themselves.
What is the problem with increasing the loan against the value of the units. 80% of purchase price or 70% of enf value is readily available so that should cover most cases.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I have approached a few lenders which will only lend on a 70% to its current value ( which is not sufficient) I have not talked to someone who will lend against what they will be worth once completed.
I would be happy to set it up as a 2nd mortgage or can secure your interest with a caveat.
Would be looking at a 12% rtn paid at the end, based on an 8 mth turn around this would equate to approx 18% p.a.
Thanks
MickMick
Not sure who you are talking with but 70% of current value is certainly not the norm.
Most lenders i deal with work on end value. Sounds to me like you might be barking up the wrong finance tree.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Empty,
Could possibly help but would like to know more about where the units are and your plans.[suave]Hi there we can help you please contact us by emailing [email protected] check out our website http://www.zway.com.au
Hi Mick,
If you already have approval for the subdivision you can do this with a simple construction loan. If not there are a number of lenders that will give you what they consider to be an unsecured loan of an additional 10-15% on top of the regular 70%, I’ve emailed you some info re this. There are also lenders that do a straight 85% lend, but these are more expensive and I wouldn’t recommend it in your situation.
You also ned to look at what happens after the subdivisions come through, as you will then be eligible for residential finance on the property. You should therefore get a loan that rolls into a residential facility as soon as the subdivision is finished.
Regards
Alistair
You must be logged in to reply to this topic. If you don't have an account, you can register here.
