Hi Guys,
I have been looking at a few apartments for sale for $80,000 that are returning $200 per week net after expences holiday let. Sounds like a great deal but they are 36 sq mt and I’m having trouble getting finance for these type of properties.
Does anyone have any pearls of wisdom or know of any finance company that will lend for these types of apartments?Regards
FrankHi Frank
We are brokers and lenders. Just a few questions:
Where are these apartments located?
Is there a rental history on them or are they new?
Is the $200 pw net only on holiday lets. What is the gross weekly rental across the year?
On what basis have the other lenders refused finance on them?Regards
AnthonyHi Anthony,
I have all the details for these properties.
Are you able to give me your details or ring me on 0433564789.regards
FrankObtaining finance on a unit at 36 Sq M is not a problem but getting a high LVR may be.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
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Richard is right, getting finance isn’t a problem however high LVRS are.
Prime lenders usually only take units over 44-50m2. anything under that you usually have to go to a specialist lender or what we like to call outside the box lending. anything over 44 you can usually get up to 90-95% LVR. however under 44m2 you may have to settle for 50-70% LVR. This isn’t an issue if you have equity in existing property or capital.I was helping a young lady with a small bedsitter <40m2 unit the other day and found a lender that would take it.
Hope this helps
Joshua
Multiple Property Strategist
Investor Finance
[email protected]
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