Hi all, I've got a property held in a company that I've got to get refinanced in the next 8 weeks. LVR is low, probably 50% or possibly less. Sydney eastern suburbs, freehold, estimated value in excess of a $3m. Big 4 have knocked me back due to serviceability because I am self employed with a very lumpy income. OK with getting a 12 month or 24 month term. Anyone have advice for where I can get finance across the line quickly with these restraints? Thanks
Liberty, latrobe, pepper, or if you are needing monye for a short term but FAST, private money is possibly better ta rolf
I agree - please see a broker who can look at your big picture, as there are likely some options for you. 8 weeks should be plenty of time if you move fast and your situation isn't crazy complicated. Which big 4 - all of them?
It's a little complex but it's our primary place of residence and owned in a company. How do you access private capital?
Hope you are paying rent? Richard Taylor of the forum runs a private lending business - not sure of his username.
There's quite a few private funders that would likely fund this with no problems and very few questions. But you really want to have a very solid exit strategy in a year or two, otherwise it could end quite badly. That would be a strategy of last resort IMO. See a broker to explore options.
Private funding has it's place, but not sure if this is what you want. Private funds tend to come at significant cost. You said you've 'got to get the property refinanced in the next 8 weeks'. Why is that? Has the rate crept up in recent times? Or has the interest only period expired and now the principle & interest repayment is causing you cash flow headaches? Or is there another reason why you must refinance?
IF needed - Private Lending can be provided for 12% per annum (1% per month) for 24 months with option to extend the term, approval within 24 hours is possible with funding available in 48 hours. Must be 1st mortgage over security. Interest can be pre-paid or capitalised for the life of the loan. Although I agree with what others have said above, it's worth speaking to a broker to see if there are other options available to you first.
1st tier. If not, 2nd tier. If not, 3rd tier.. Last resort - private lending!.. Best to speak to one of the brokers!!..
It sounds like the bank could see your business bank account? If your tax returns support the loan then lumpiness of your income shouldn't matter. That would be my first step. If doesn't service then you may need to look at the 3rd tier and private options.
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