How do you work through financing roadblocks?

Discussion in 'Loans & Mortgage Brokers' started by qonyx_sydney, 7th Jul, 2015.

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  1. qonyx_sydney

    qonyx_sydney Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    160
    Location:
    Perth
    Hello Everyone,

    I had my revaluations that were completed for a granny flat construction loan and I'm pleased with how the valuations came back with however due to the tightening of lending it seems as though my current lender is not willing to extend additional funds to purchase more property.

    As below is a snapshot of my portfolio
    3 properties
    Current Market Value - $1.98M
    Outstanding Loans - $1.60M

    I'm wondering if some of the more experienced guys on here can shed some light how they are able to work through financing blocks? Is it just a matter of doing a scatter gun approach with a mortgage broker until i find a lender that is willing to extend finance or should i be thinking about my position.

    I'm really keen to go for the next one but am a bit disapointed that I've hit this roadblock.

    Appreciate the forum's wisdom on this one.....

    Thanks,
    Q
     
    qonyx_sydney, 7th Jul, 2015
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,003
    Location:
    Australia wide
    You are highly leveraged at just over 80% on a large total loan balance. Is it income that is holding you back or LVR?
     
    Terry_w, 7th Jul, 2015
    #2
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    A scatter gun approach with a mortgage broker is a bad idea - find a good broker and let them look at your situation. There may be lenders who can help - there are still variances in how much each lender will lend. There is not enough info here to let you know one way or the other.
     
    Jess Peletier, 8th Jul, 2015
    #3