Non bank bridging finance

Discussion in 'Loans & Mortgage Brokers' started by Poppy, 19th Oct, 2017.

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  1. Poppy

    Poppy Well-Known Member

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    7th Jul, 2017
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    Location:
    Sydney
    hi, could anyone refer a good non bank lender? We are listing house next week hoping to get fast 1.6, selling flat right now 0.63, selling Melbourne flat now 0.3

    No loans/mortgage on several incl the 1.6 ppor. Also have several other ip including one 0.6 in Sydney without a mortgage (would prefer not to sell)

    *Want to bid at auction on 1/11 for perfect house asking 2.4-2.6*

    Would like to put in low offer of 2.3 BUT would feel better if knew we could access temporary loan even if high rate. Banks too confused by our non standard situation

    What are our options? Thank you!
     
  2. Terry_w

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

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    Why a non-bank lender? They don't adhere to the code of banking practice.
     
  3. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Your best bet is to walk into a St G branch - they are good at no end debt loans.

    Do you have a deposit to put down at auction? Also you'll want to get moving, more complex loans are not quick to get approved generally.
     
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  4. Corey Batt

    Corey Batt Well-Known Member

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    Agreed - STG would be the go for this from the sounds of it.

    Doesn't sound that complicated overall, just a few assets selling to buy another.
     
  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    With out knowing how many banks you have consulted I would say it comes down to the individual you spoke to and their abilities or lack there off.

    As suggested pop into a St George branch and hopefully get a person who knows there stuff.

    All the best.
     
  6. Poppy

    Poppy Well-Known Member

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    Location:
    Sydney
    Thank you! Ok St g I'll go to, cheers