All Topics / Help Needed! / looking for loan, any loan.

Viewing 20 posts - 1 through 20 (of 38 total)
  • Profile photo of yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    Hi Everyone,
    I am new to this but I sure would appreciate some help.
    I am purchasing a student accomodation apartment in melbourne of 21.5 sqm, and paid off. (Property Value of $227,000 and rental income of $1300.00)

    Income: Personal exertion $50,000 p.a.
    Rental Income $1,235.00 per mth = $14,820 p.a.

    Liabilities: $10841.41 (include credit card)
    I need $60k

    I have just been advised by the National Bank and anz ,commbank ,westpac, bank west,that they no longer lend against Student Accommodation. It is hard to find a lender who understands borrowing using vendor terms, let alone to lend against such a small property.

    Any suggestions as to a lender who can help?

    [email protected]

    york

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Banks don't seem to like property of less than 50sqm, or student accommodation.  Setting that aside, wouldn't it be best to first clear your credit card debt before taking on even more debt?

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

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

    York

    i wish you luck as away from a couple of hard nosed private lenders i think you will find it difficult if not ni impossible to obtain finance on such a property.

    One or 2 lenders might look at 50% lend but you would need to come up with the balance.

    Cheers

    Yours in Finance

    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

    St G used to be good at the small stuff.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.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

    Min 40 Sq Metres now with the Dragon.

    Used to go to min 25 Sq M but those were the days.

    Cheers

    Yours in Finance

    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

    Ah… the good old days.

    I also recall Wide Bay Capricorn were good. Probably no longer do small units too.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.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

    No they do but insist on a separate bedroom and laundry.

    Can be 25 Sq Metres as long as it has a separate laundry.  Go figure

    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 yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    thank you everyon to look after me

    now I am looking for privet lender. do you anyone?

    thank you Richard.  I only need 25%

    [email protected]
    0431344782

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

    And is the other 25% coming from your own savings or sources.

    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 yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    this studio is already paid off. I need 50k to do home imporvment.

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

    That's a lot of improvement for such a small unit. If I was the lender I would be asking what exactly are you going to do.

    The private lender won't be cheap either. Rates maybe around 10% (+) and application fees of 2-3%, legals, valuations etc.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

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

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    I'm confused – if it's already paid off, why not put students in it for a while until you have enough cash to finance the improvements without the assistance of a lender?

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    i JUST BROUGHT IT. AND IT'S MY FRIST HOME. i HAVE TO WAITING 6 MONTH.    i NEED 50000 FOR HOME IMPORV  AND PAY BACK SOME MONEY FOR MY FRIEND.

    Profile photo of yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    DO YOU KNOW ANYONE CAN LEND MONEY FOR ME  ($40K), JUST FOR 2 YEAR

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    www,igrin.com.au
    This site lends in smaller amounts of $2000 – $5000 loans of higher value can be tried but chance of getting the funding low.

    http://lendinghub.com.au/
    This site does have larger loans processed through it

    These sites are a new concept called person to person lending and may be a way for you to gain a loan for the problem you have.

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

    Yes but they charge 16% per annum.

    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 ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    Qlds007 wrote:
    Yes but they charge 16% per annum.

    Can be higher than this if credit rating is bad
    Interest rate versus credit risk

    Profile photo of yorknxyyorknxy
    Member
    @yorknxy
    Join Date: 2010
    Post Count: 11

    hi

    Richard Taylor
    Residential & Commercial Mortgage Broker. Ph: 07 3720 1888
    [email protected].

    can you help me to apply it???

    my phone No 0431344872   email: [email protected]

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

    Sure email me a copy of the Title Search and i will put it up to them.

    Cheers

    Yours in Finance

    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 dtrumpdtrump
    Participant
    @dtrump
    Join Date: 2010
    Post Count: 50
    duckster wrote:
    www,igrin.com.au
    This site lends in smaller amounts of $2000 – $5000 loans of higher value can be tried but chance of getting the funding low.

    http://lendinghub.com.au/
    This site does have larger loans processed through it

    These sites are a new concept called person to person lending and may be a way for you to gain a loan for the problem you have.

    Interesting concept…i didnt know this existed (i mean apart from the traditional mafia p2p loans!). Does anyone have any background using these sites?….i assume there is a fair amount of risk from a lenders perspective.

Viewing 20 posts - 1 through 20 (of 38 total)

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