Hi all,
I'm now looking at a block of 6 units on one title, but found it hard to find lenders willing to lend at a high LVR. I understand the security is higher risk for them, however I would like to minimise my cash down. Would anyone recommend a lender that would provide 85% or more, I would be ok to pay high interest rates as this would be for a short period of time (enough to strata and refinance based on value of each unit).
cheers.
Phil.
You will not find 1.
Both MI companies will not cover more than 4 units on the 1 Title.
Richard Taylor | Australia's leading private lender
ok, It seems 6 pack block of units are tricky to finance, maybe a personal loan would help to fund the deposit before strata titling and redraw of equity.
cheers.
Phil.
Hi Phil,
You can finance 6 as a residential lend at 80% LVR, Richard is correct in that you can't mortgage insure though so there is no way to go higher than this without using a commercial lender.
Regards
AlistairQLD007,
Can you tell me of a lender that will give more than 85% lend on 4 units on 1 title?
Thank you
Jenny
Jenny
Each application is treated on its own merits and it is difficult to make a sweeping statement without all of the facts i.e property location, size of and mix of each unit, income strength of the applicant etc etc.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
