All Topics / Finance / private lending short term

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  • Profile photo of AlwayslearningAlwayslearning
    Participant
    @alwayslearning
    Join Date: 2003
    Post Count: 44

    i am having constructed a number of properties funded by a developer and at time of completion i need to settle 21 days after

    i want to move these properties on asap without having to bank fund them in and out

    i need a lender to fund say up to 6 months finance on say 340,000 each property for a 6 month period whilst the property is marketed to sell on

    advise interest

    cheers

    martin

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Martin

    Which State are they located in and what is the LVR.

    Any reason why you dont want Bank funding would be a lot cheaper.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of AlwayslearningAlwayslearning
    Participant
    @alwayslearning
    Join Date: 2003
    Post Count: 44
    Qlds007 wrote:
    Martin

    Which State are they located in and what is the LVR.

    Any reason why you dont want Bank funding would be a lot cheaper.

    Profile photo of AlwayslearningAlwayslearning
    Participant
    @alwayslearning
    Join Date: 2003
    Post Count: 44

    hi

    they are in queensland basically im loath to set up a loan has it would have to be low doc 80 lvr have set up fees then exit fees within 6 months est  10,000 costs i need short term funding has an alternative

    martin

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Martin

    With all the nodoc / lodoc short term financing we deal with you will have similar costs.
    Maybe set up costs instead of exist fees but certainly the rate will be considerably higher.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of dimechodimecho
    Member
    @dimecho
    Join Date: 2007
    Post Count: 9

    Hi All,

    I'm also looking at morgage for about 4 weeks and don't want to go through the stuffing around of loan apps, fee, exit fees ect.

    Any idea on how I can borrow money on a short term contact? Interest rate donesn't worry me too much as its only for 1 month.

    In Victoria as well if that matters.

    Cheers,
    DIM

    Profile photo of lovelyjvlovelyjv
    Member
    @lovelyjv
    Join Date: 2007
    Post Count: 9

    Hi Alwayslearning,

    We might be able to help you, please email me at this address [email protected]. We would like to just get the details from you.

    Profile photo of lovelyjvlovelyjv
    Member
    @lovelyjv
    Join Date: 2007
    Post Count: 9

    Hi Dimecho,

    email me at [email protected] will get details of what you need.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    DIM

    Sure what LVR and where is the property ?

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164

    It is possible to get short term private funds at 80% as a straight asset lend, but the rates are up around 10% + and you would be looking at around 2% in set up costs.

    Kind Regards,

    Cameron Perry
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044
    http://www.perryfinance.com

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