Can anyone provide finance ?

if you are a broker, could you provide finance in this situation?

My friend has 2 units, one worth approx 500k in Sydney City, which is his PPOR fully paid off,no debt

Another worth approx 400k which is his IP owing $40,000 on it , paying $77 a week back to the bank.

rental return $400 week, has a redraw of $200,000 on it loan with Commbank

He has no cash saving
He has a full time job earning approx $70,000 a year

He wants to borrow money for another unit
He wants to borrow $400,000

Is it possible ?
If he came to you what would u recommend ?
What about that Redraw ?

I recommended he pay that 40k off first but he says it's a bad idea

 

I would recommend Moshe talks to the pawn shop owner after temple to arrange a private loan. Just nowhere with elevator buttons

 

Possibly - depends if he has any other debts/kids/outrageous living expenses and so on.

 

No other debts as far as I know.

Is the loan amount too much ?

Does the redraw of 200k hinder his progress?

 

And hold the spittle if you want someone to help you.