As the title suggests I've recently been told ive hit the financing wall. I want to continue investing but apparently even a 20% deposit will not get a decent property across the line. My LVR for my portfolio is 64% so what are some options i could use to get around this? I was thinking of flipping smaller end properties a a JV to pay down some of the loans? Has anyone faced this obstacle before?
Hi there
There's a few tricks to boost borrowing capacity. Off the top of my head, you can reduce credit card limits, get rid of personal loans (if applicable), set up all loans as IO, use a lender that will take 100% of your rental income.
Sometimes we simply need to restructure existing borrowings.
Most importantly though – can you afford taking on more debt?
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]
Were you told you've hit a serviceability wall by a lender or a broker? Generally even if one lender says you've maxed on your lending capacity, there will be capacity available with other lenders.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Where there is a will there is usually a way to get around servicing especially at a 64% lvr.
Might need some clever restructuring but nothing is out of the question.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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