Refinancing a package deal

Discussion in 'Loans & Mortgage Brokers' started by JKWS, 12th Feb, 2019.

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  1. JKWS

    JKWS Well-Known Member

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    25th Jul, 2015
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    Australia
    Senario?

    Peter has just bought land at 150k using a secured bank loan P&I, using own capital to make the deposit and stamp duty amounts.

    A private lender then lent him 130k to develop the property.

    6 months later the completed property is retained and rented out with rough figures looking like..

    -260k mixed debt
    (approx 20k own capital contributed with stamp and lending fee's)

    -Rented at 450PW
    -Property Value 500K

    Is it possible to take the land debt and private lender debt to a big 4 and refinance as a standard P&I loan?

    What do lenders take into consideration?
     
  2. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    18th Jun, 2015
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    Yes. Pretty standard. You have to meet normal credit reqirmentsre