Does anyone know if any banks / finance institutions will lend 80% on a low doc with Vendor having a 2nd mortgage on property for 20% which would be the deposit?
JasonTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Terry dont want to disagree with you but i think you have buckleys with LaTrobe these days on a deal like that.
Will banks touch any 2nd mortgate option, eg 10%Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Not in todays climate.
Maybe if the mortgage was registered after the first mortgage was registered then they wouldnt be aware of the loan however would want you to show you had sufficient funds to settle on the deal by sighting your savings statements or availble credit thru a line of credit.
Could I provide some security to the Vendor by offering a 2nd mortgage on my current property? If so how would I show how much equity could be scured in 2nd mortgage?
I appreciate your help. If you see a way that I could obtain finance, then I would be more than happy to get this finance through yourself.
JasonTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
You could offer a second mortgage on your existing property. If you have equity in your current property then why not try to extract this and use this a deposit? My guess is you don't have enough equity? I have heard that the first mortgagee must give permission for a second mortgage to be lodged too.