Thanks to our wonderful bank (on off the big four who will remain nameless) we have had one of our LoC pulled in for no good reason other than they decided to reduce our LVR across our portfolio.
While we will refinance eventually in the near future, this leaves a current project where we are about to relocate a home and renovate it in jeopardy.
As a result we are looking for some quick money this month to ensure the project can start on schedule (29/1)
If anyone has any ideas or contacts that are interested such as a angel investor with some free cash I'd appreciate some feedback.
The project has a DA, full plans, and a P&L on what we expect the project to be worth at completion in today market. Because of the time frame and the LVR or our portfolio, its going to require a niche financier to fund this. I am offering a an attractive return for a six month term paid on maturity with security in the form caveat that can be lodged over the title or one of our properties.
Appreciate your assistance
Cheers
SimonSimon
How much are you seeking and what are you offering.
I do a fair amount of short term lending from my SMSF but you might not like my terms – lol.
Let us know.
Richard Taylor | Australia's leading private lender
I wonder, Does the name of the bank start with an "N"?
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
Try Capital At Call http://www.capitalatcall.com.au – the interest rates are high as the loans are only intended for 3 to 6 months, but the paperwork is simple and loans can be advanced quickly, ie within 24 – 48 hours. Great bunch of people with excellent customer service – very responsive and non-bureaucratic.
Regards, Tracey in Brisbane
Wow Tracey at a minimum of 1.95% per month for a 1st mortgage and upto 4.95% per month maybe my rates are that expensive after all.
Richard Taylor | Australia's leading private lender
I hear you, Richard! It's certainly not cheap finance.
But if NOBODY else will give you anything – or can't give you any money in a timely fashion – it can be a good option. In my case I contacted perhaps 5 different mortgage brokers and a bunch of lenders directly, and nobody would touch my project in terms of a second mortgage or a personal loan. Capital At Call gave me $100K in 24 hours, and whilst I was paying a bit over $1,000 per week in interest (it was a second mortgage, 4.85% per month), I was losing $3300 in rental income every week that my development wasn't finished, so I was happy to pay them $1K per week whilst I waited for my commercial finance to settle. The commercial finance ultimately took about 14 weeks to settle, so the way I look at it, I was 14 x $2.3K = $32,200 better off by taking a loan from them, than simply waiting for the commercial lender (and their valuers, solicitors, and every other slow-moving party) to get a move-on.
Next time I need money fast, should I come to you instead????
Regards, Tracey in Brisbane
Tracey
At those sorts of rates – definately.
We lend all of our money and are half that amount.
Richard Taylor | Australia's leading private lender
Richard
Thankyou, I think perhaps we need to catch up for now and the furture! Will speak to you Monday
Tracy,
Thanks for the tip, I will certainly investigate that as a last option.
Cheers
Simon
You must be logged in to reply to this topic. If you don't have an account, you can register here.
