We have a wrap property in the southern Wollongong area, the purchasers of which moved-in mid-2004. They have been extremely reliable payers and have never been in arrears. I would think that with the rapid acceleration in house prices these last few years they must surely have sufficient equity to be eligible for a conventional loan. They previously attempted to refinance in 2008 but weren’t successful for some reason.
If any of the fantastic brokers who participate on this forum have experience with wrap refinancing and would like to assist (or you recommend someone who can), please PM me contact details and I’ll pass-on to the purchasers.
Many thanks,
AndrewHi Andrew
Having been involved in well over 200 wraps over the last 15 years you will surprised how many lenders won’t touch them even with a perfect credit history / income evidence.
In saying that thankfully there are still lenders who will do it within their normal guidelines.
Without further details it is difficult to tell you whether the hurdles they would need to overcome are doable.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Many thanks Richard, I will suggest that they can contact you to discuss their options in more detail.
Cheers,
Andrew
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