All Topics / Finance / Cash loan wanted

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  • Profile photo of jsawtelljsawtell
    Participant
    @jsawtell
    Join Date: 2007
    Post Count: 57

    Hi,

    Looking to buy property.  Recent cash flow changes provides – 5700 per week, but only been recent change and have been paying off debts so deposit non existent.

    Have about $100k in Equity in 2 properties, but prefer not to sell as these are almost cashflow neutral.  Some A grade properties available for sale on Gold Coast which I would love to take advantage of.

    Is there any people / companies lending unsecured cash – around the $200k mark for a deposit?  Or am I dreaming.

    Thanks in advance

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hi

    don't  think you will find anyone. with no security, it is extremely risky for the lender – what if you refused to repay?

    maybe you could look at vendor finance – where the seller can lend u the deposit.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

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

    Regretfully Yes you are dreaming.

    Why dont you use some of the equity in the 2 properties.  100K would go a long way to providing a deposit or two.

    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 jsawtelljsawtell
    Participant
    @jsawtell
    Join Date: 2007
    Post Count: 57
    Terryw wrote:
    Hi

    don't  think you will find anyone. with no security, it is extremely risky for the lender – what if you refused to repay?

    maybe you could look at vendor finance – where the seller can lend u the deposit.

    Thanks Terry, this is definately an idea.  Just need to find the right seller who has the cash/equity in the property plus a real estate agent who is willing to think outside the square.  I think it may also reduce the negotiation on price that can be done.  I just want it all ;-).
    Any advice on how to approach Agents and owners for vendor finance would be apprecaited.  I also have access to RPData if you think it may be an advantage to go directly to owner.

    Thanks
    Jason

    Profile photo of jsawtelljsawtell
    Participant
    @jsawtell
    Join Date: 2007
    Post Count: 57
    Qlds007 wrote:

    Regretfully Yes you are dreaming.

    Why dont you use some of the equity in the 2 properties.  100K would go a long way to providing a deposit or two.

    Thanks Richard.

    Currently I have
    SGB – Loan $415k, value $470
    NAB – Loan $515k value $600

    Would a bank look at this equity?

    Thanks
    Jason

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

    Jason

    Sure subject to income you could go back to both of your current lenders and ask them to look at taking the loan upto 90% LVR and then use the funds elsewhere.

    Still a few lenders who will 95% lvr so all depends on the purchase price whether you would have sufficient.

    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 TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Peterson

    Do you lend to Australian based people?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

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

    Terry can i answer that one for you ……………… NO

    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.

Viewing 8 posts - 1 through 8 (of 8 total)

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