Hi all,
Just a frustrating rant from me ..... We rare in the process of purchasing two properties in the Ipswich area. Obviously we signed individual contracts for both properties and have a 45 day and 60 day settlement on them.
I went to our lender who we have other I/P loans with and initiated the loan process. Our loans were approved, but I now find out that the branch manager put through a combined loan application for both properties.
The problem we have now is that our settlement lawyers are due to settle the first property on the 28th May and the second property on the 18th June, but the bank is saying that they must settle on the same day as they will only forward the total loan amount (2 property purchase costs combined) and not split them. In our approval letter they state two loan account numbers, but will only release the funds in one transfer, .... crazy
I have the lawyers panicking as she's not sure whether she can get one settlement put back or the other brought forward to the same day. I have gone back to the branch manager and told her to fix it. I have an email to say she will call me in the morning with some news.
Anyway ..... I've always enjoyed the purchasing process of property investing, but this is leaving a sour taste in the mouth. Think I'll be using another lending institution next time.
thanks for listening
martin
Just a frustrating rant from me ..... We rare in the process of purchasing two properties in the Ipswich area. Obviously we signed individual contracts for both properties and have a 45 day and 60 day settlement on them.
I went to our lender who we have other I/P loans with and initiated the loan process. Our loans were approved, but I now find out that the branch manager put through a combined loan application for both properties.
The problem we have now is that our settlement lawyers are due to settle the first property on the 28th May and the second property on the 18th June, but the bank is saying that they must settle on the same day as they will only forward the total loan amount (2 property purchase costs combined) and not split them. In our approval letter they state two loan account numbers, but will only release the funds in one transfer, .... crazy
I have the lawyers panicking as she's not sure whether she can get one settlement put back or the other brought forward to the same day. I have gone back to the branch manager and told her to fix it. I have an email to say she will call me in the morning with some news.
Anyway ..... I've always enjoyed the purchasing process of property investing, but this is leaving a sour taste in the mouth. Think I'll be using another lending institution next time.
thanks for listening
martin