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Hello property investors, my first post. Would appreciate some sage advice if anyone can.
I have 2 IP's. the loans for each are with the same bank.
I am selling one and the bank wont release it unless they receive all the funds from the sale. Mortgage is 270k selling for 380k, the bank want the surplus 110k to go to the other loan which currently is 145k. The reason they say is because i have been late with the loan several times and received a default notice last year at one stage as well. I need the 110k to pay some debts, and fund another property perhaps. I understaand the bank is worried about my ability to continue to pay, but I am not worried, I was in a tight spot last year thats all.
I will still sell the property, I have committed to the buyer.I will then have one IP with a mortgage of about 35-40k and a value of 300k.
If anyone can help that would be great, thanks.
Sean. Sydney.Hi Sean
Welcome to the forum. I'm sorry to hear about your situation. This is one of the examples why cross-colleterisation should be avoided.
If the default has hit your credit report then refinancing to another lender could be very difficult. Normally, you might be able to refinance the remaining loan (after the sale) to another lender and access some of the equity at the same time. However, it's going to be difficult for someone in your position due to the default and your current loan statements showing regularly late repayments.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie and thanks for posting.
I agree i cant approach a bank. Do you think I can approach a non bank lender or a broker like yourself who deals with them to refinance the other property to say 40% LVR lo doc., pay a higher rate, something. .plutoHi Pluto
Sure, I can look into it for you if you like. Just shoot me an email.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
