Development Savvy Mortgage Brokers

Discussion in 'Loans & Mortgage Brokers' started by Josh CBR, 18th May, 2020.

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  1. Josh CBR

    Josh CBR New Member

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    Hi,

    Im after a Mortgage Broker that has extensive experience in Development Finance.

    Developments predominantly in ACT or NSW.

    Any help would be great, ill also want to speak with previous clients.
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    What kind of developments? How big?
    Once over a certain size it becomes Commercial lending or Private funding
     
  3. Josh CBR

    Josh CBR New Member

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    HI Lindsay_W,

    Looking from 2-6 mill, small townhouse/unit developments
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

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    Cool - what type of property are you looking to develop? Units, townhouses, houses, commercial or something else?
     
  5. Josh CBR

    Josh CBR New Member

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    sorry I edited my first post, small townhouse/unit sites. currently doing 5 separate title terraces
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    All good, the more info the better, as the type and size of dev you're wanting to do will determine what funding options are available to you
     
  7. Archaon

    Archaon Well-Known Member

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    @Shahin_Afarin is rather experienced in this space i've been told. :)
     
  8. RoadRunner

    RoadRunner Active Member

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    What is private funding? How does it work?
     
  9. fols

    fols Well-Known Member

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    @Morgs is a NSW based mortgage broker, property developer and business member
     
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  10. Richard Taylor

    Richard Taylor Well-Known Member

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    There are variety of Private lenders ranging from mum and dad style lenders who have a couple of quid and believe it is a get rich quick way of making a return to a Family office lending their own funds to an ASIC regulated approved fund that is under continous audit disclosure etc

    In the main they offer an equity based Non Coded loan with an interest rate geared to risk rather than requiring evidence of servicing. Mostly this type of lending lends itself to short term solution based loans due to the higher interest rate and more expensive establishment costs. They can be for first or second mortgage loan requirements.

    Cheers


    Richard
     
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  11. RoadRunner

    RoadRunner Active Member

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    Is it available via mortgage broker? Who usually is the point of contact if one decides to go down this path?
     
  12. Richard Taylor

    Richard Taylor Well-Known Member

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    All of our Private loan applications come thru our broker channel as we are on the panel of 4 existing Aggregators and just been appointed to AFG panel. Can't comment for other Private Lenders.

    Of course a broker is going to add his fee to the deal as well if you go that route.

    Cheers


    Richard
     
  13. Lindsay_W

    Lindsay_W Well-Known Member

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    Some private lenders will only deal via their broker channel, others are less restricted but could potentially be riskier, there are a LOT of sharks in the Private Lending space
     
  14. Richard Taylor

    Richard Taylor Well-Known Member

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    So so true. Just off the phone after a 2 hour AFCA conciliation meeting with a borrower who was badly stung by a unregulated Private lender before we refinanced the deal.

    Cheers


    Richard
     
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  15. RoadRunner

    RoadRunner Active Member

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    Can u provide the link of your website?
     
  16. Richard Taylor

    Richard Taylor Well-Known Member

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