Hi,
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?
Thanks
Jasonvery unlikely to find one. Have you tried latrobe?
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
Terry dont want to disagree with you but i think you have buckleys with LaTrobe these days on a deal like that.
Richard Taylor | Australia's leading private lender
Thanks guys,
Will banks touch any 2nd mortgate option, eg 10%
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.
Richard Taylor | Australia's leading private lender
Thanks Richard.
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.
Thanks
JasonJason
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.
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
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