Looking for broker/etc. in Newcastle NSW area

Viewing 5 posts - 1 through 5 (of 5 total)

JustAllan
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@justallan
Join Date: 2003
Post Count: 168
July 22, 2012 - 11:05 pm
A person I know owns a church. Next to the church is a small block he would like to purchase. The present owners bought it about 18 months ago for about $70,000 (I believe). They planned to build a commercial building on it. But local council required a car park be built – which of course, the block is too small to allow for.
Anyway…
The guy I know cannot get finance with a “normal” bank. (I can’t recall the reason/s why.) Is there someone in the Newcastle area I could pass their contact details on?
Allan
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
July 23, 2012 - 2:42 am
Allan sorry cant recommend anyone down in the Newcastle area.
If it is is a Commercially zoned block of land going to be limited lenders look at the deal at that price because for most it will be less than their minimum loan amount.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
JustAllan
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@justallan
Join Date: 2003
Post Count: 168
July 23, 2012 - 12:14 pm
Hi Richard. I think you might have hit the nail on the head. (When you mentioned minimum loan amount, I think that may be the reason they can’t get a loan with a standard lender.) Also, I’m not sure – but it’s possible they are repaying a loan on the church building. With that in mind, I have two questions for you:
1. If there IS a current loan on the church, and they refinanced, could they add the block to the loan to increase the loan above the minimum amount… would that make a difference?
2. Are YOU (or can anyone recommend someone) not in the Newcastle area, but still willing to help?
Paul Dobson
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@pauldobson
Join Date: 2003
Post Count: 1,196
July 23, 2012 - 1:17 pm
Hi Allan
Why not get your friend to see if the owners of the block would sell it to him with vendor finance. My guess is he'd probably have to offer a premium price to the owners but they don't seem to have a very sale-able asset and they might be able to work a mutually beneficial arrangement.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
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JustAllan
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@justallan
Join Date: 2003
Post Count: 168
July 23, 2012 - 1:35 pm
Thanks… I have suggested that very thing to him. I’m trying to look into other options, in case he feels things are getting more complicated than he’d like.