Red Rock Broker

Discussion in 'Loans & Mortgage Brokers' started by hhd88b, 7th Jan, 2020.

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  1. hhd88b

    hhd88b Active Member

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    Hi Everyone
    if anyone has dealt with RED ROCK before, please share your experience. I cannot refinance any of my loan due to serviceability doesn't work , have tried a few brokers. I came across with Red Rock and was told they may help as they do things differently with normal broker.
    I can see they are different in term of cost : application fee+ valuation fee+ broker commission up yo 1.1%
    thank you for your feedback
     
  2. Morgs

    Morgs Well-Known Member Business Member

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    I've not heard of them - but they look like another broker. Those numbers look like it may be from a non-conforming/non-bank lender of which most brokers have on panel.

    What was the feedback from the other brokers than you've spoken as to why you can't refinance? Plenty of expertise on this forum that may be able to help.
     
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Is refinancing to Red Rock going to put you in a better financial position? They appear to be a non conforming lender. If they're anything like other lenders in this space, they're going to be very expensive compared to more mainstream lenders.
     
  4. hhd88b

    hhd88b Active Member

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    the rates quoted just little bit higher than major bank, if they can refinance , it will be great help for my position
     
  5. hhd88b

    hhd88b Active Member

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    I just can't pass serviceability test of all banks including pepper, etc...
     
  6. Morgs

    Morgs Well-Known Member Business Member

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    Including Bluestone? Have these Red Rock guys done an assessment on your numbers yet?
     
  7. hhd88b

    hhd88b Active Member

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    No i dont think so , i need to pay the application fee then they will assess. What is interest rate from Blue stone?
     
  8. Archaon

    Archaon Well-Known Member

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    Do you really want to lock yourself into Red Rock if you don't pass serviceability with any other lender including pepper?

    How much debt are you looking to move across?

    Whole portfolio or only one property?

    Worst case is you move your whole portfolio over, then they know they have you bent over a rock and end up ratcheting up rates as the introductory offer ends.

    Be very careful and have an exit strategy.
     
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  9. Morgs

    Morgs Well-Known Member Business Member

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    I would be wary if you need to pay an application fee for an assessment, knowing that two other brokers couldn't help you. You'll be have to pay a non-refundable fee and they may not actually be able to find a solution for you. I have seen this before.
     
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  10. Lindsay_W

    Lindsay_W Well-Known Member

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    So you're going to pay for them to tell you you can't service a loan? Doesn't seem like a good idea to me
     
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  11. Lindsay_W

    Lindsay_W Well-Known Member

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    What a load of BS - unless they're doing something dodgy they won't be able to 'do things differently' other than charge you a fee upfront.
     
  12. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    If doesn't service with bluestone / pepper etc unlikely to work with them.
     
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  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    IO believe RR is a sub agg

    ta
    rolf
     
  14. hhd88b

    hhd88b Active Member

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    thanks Rolf, but what does it mean ? sorry i don't understand
     
  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Sorry

    Industry Jargon for aggregator.

    they arent any different than say Connective who dont provide their own funding.

    So a loan sourced via RR would be with an actual funder

    ta
    rolf
     
  16. hhd88b

    hhd88b Active Member

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    thank you Rolf and all for your input