If anyone knows of a lender that can do unsecured Lo-Doc loans… I'd be very appreciative. I'm happy to pay higher interest but not too high.
I'm purchasing a business for $115K and need $37,500 more to complete the purchase. I just purchased one last month and got a loan from ANZ for $44K no problems, but now they have declined to lend for the second purchase. The purchase is cashflow positive and half of the market value.
I've had an ABN for 10 years but don't have the last three years financials complete yet. My partner has financials but they are kept low for both the family trust and the indivudual returns. Needless to say she has a very good accountant and her cashflow and profitability is excellent.
I'm needing an answer preferrably by Tuesday as I'm scheduled to go overseas for 10 days from Tuesday night.
Because of the assurance the bank gave me (ANZ) that since the first loan went thru ok, there should be no problems with the second, I've signed binding legal agreements to have the purchase settled by 31/01/08.
Can anyone suggest a suitable option???
Thanks
Maxxi
Unless it is a private lender you will not find one.
I do a fair amount of private of lodoc private loans but would only ever consider something as a 2nd or 3rd mortgage secured against residential property.
Richard Taylor | Australia's leading private lender
Have you tried getting a few credit cards? I think that's about the only way that you'd get it through, unsecured. Banks seem to give out credit pretty readily via credit cards – get 4 x $10K credit cards and you're home!
Regards, and good luck! Tracey in Brisbane
Thanks for the posts Richard & Tracey ….
Tracey, I don't have the time to get the credit cards at this point in time ….
Richard, I just settled one with ANZ last month w/- Business Plan & Cashflow forecast … but got a snag with the next one.
But thanks all the same …. hopefully I'll have private funds arranged by tomorrow & St George are also looking at it.John
Some solicitors still offer loans (usually on property though). It might pay to ask your solicitor if he has any contacts or leads?
Thanks Guys for your suggestions,
I've sourced the monies required from private funds offerring 16% p.a. for 2 years.
John
That's cheap!
BTW are you John V?
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
Hey john, may I ask who did you get that with?
Sweetex Loan Company(SLC) is a leading non-bank financial services company offering conventional business real estate loans; short and long term investment real estate financing; factoring and SBA 504 loans.
We provide capital up to $500 million to serve our customers’ specific requirements, which range from commercial real estate and fixed asset acquisition, investment property finance, refinance, partner buyout and working capital.
please contact Dr. Mark benson, our foreign account manager via our email address; [email protected]. if you need a loanDr Shyne
[email protected]
Sweetex loan ltd.
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