All Topics / Finance / Low Doc + Vendor Finance

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of jsawtelljsawtell
    Participant
    @jsawtell
    Join Date: 2007
    Post Count: 57

    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
    Jason

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

    very unlikely to find one.  Have you tried latrobe?

    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 dont want to disagree with you but i think you have buckleys with LaTrobe these days on a deal like that.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    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

    Thanks guys,

    Will banks touch any 2nd mortgate option, eg 10%

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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.

    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

    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
    Jason

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

    Jason

    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
    https://terryw.com.au/
    Email Me

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

Viewing 7 posts - 1 through 7 (of 7 total)

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