Money too tight to mention

I'm not advocating borrowing what you can't afford to repay but what if you need a large loan, say $220k ish unsecured for a deal you don't want to miss? Say you have money overseas that you could access in a few months, but borrowing through banks is maxed here and you need a short term solution. Anyone done similar?

 

Yes have done this to finance a business deal. Sourced through private lending.

 

Thanks. PM'd you.

 

Solicitors loan? Although they will charge you arm and leg.

 

I've never heard of that, what is it?

 

Solicitors loan is similar to private lending. Some brokers have contacts with solicitors/accountants who would provide private loans with funds sourced from their clients/themselves who are seeking higher return compared to conventional bank's deposit rate

 

Do it.

I've never done it.

Just watch out because the Panama Papers have blown the lid.

 

Hehe yep if anyone finds out I'll be on leave with full pay for a few years until it all blows over.

 

• Borrow against the foreign asset in foreign currency and use that money.
  
• Repay the money when the asset is liquidated.
• Watch out for tax and foreign exchange considerations.

 

I can't borrow in either of the countries I have assets in because in the first one it's just not possible as a non resident and in the second I'm close to max lvr over there so they'll only lend on a property in the same country. Hence I'm looking at options for an unsecured loan from Aus to buy overseas.

 

@ellejay I'm curious what is the opportunity that you don't want to miss.

 

It's an o/s purchase but I can't access any finance there.

 

I second that, with all the market, economic, fx risk you will be facing...

 

Each to their own. I have a clear strategy which is serving me well, and I'm very comfortable with it.

 

Most solicitors can access private lending. But it will cost. Maybe difficult if you can't offer security over an asset.
Marg

 

Apparently a lot of Boganaires in Panama Gate......and I thought they were a unsophisticated lot....and would have trouble reading the paperwork.
Go figure....

 

A bogan's literacy and numeracy skills impove greatly when > six figure sums of cash are involved.

 

I possibly could, just looking at options.