Hi all,
I am an overseas investor who's currently working in China. I have a few IPs in Australia and my current lender is AMP. At the moment, I have some interesting projects, given that I have enough capital to support the 20% deposit, I am just pre-empting that as i expand my portfolio AMP might eventually came to the point where they max out my facility. In order to be one step ahead, I would like to ask whether it is possible to seek funding from people (might target retirees with enough capital) who will provide 80% lend (similar to what AMP is providing) given I think the yield for future acquisitions will be more than 8-9% (they are not located in mining towns). The return that I will provide to retirees will be similar to the interest rate that AMP is currently charging and the collateral that i can provide will be first mortgage over the property.
Has anybody who has successfully sought 80% mortgage from people? Is this a sustainable model? Your thoughts are most welcome. Cheers John
Hi John
AMP is one of the most generous lenders – so it's usually best to save them up until last, that way you wouldn't have maxed out as quickly. Of course, there might be a good reason why you've placed all of your loans with them.
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]
Obtaining Loans for specific deals or properties through solicitors is fairly commonplace. The Solicitors hold the security and offer them as investments to their clients.
Hi MHL
Hate to say those days are a thing of the past post NCCP.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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