finance help please !

[eyespy]

I just got knocked back from CBA on finance and wondering if someone can help me with another lender who i can try.
i have 2 residential propertie loans with AMP and one commercial which i own 50% share of with ANZ loan.
the problem why cba wouldnt finance me for another loan is bc they are calculating 50% of the commercial rent and yet 100% of the commerical loan liability. (annoying bc 1 yr ago when i went to them they didnt do this and offered ot give me finance)

so i am looking for a lender who will calculate 100% rent for 100% liability on the commerical loan.

Prefer to not go with amp again since i already have 2 properties with them....but then will consider any lender who will lend to me.

i am also self employed but have documentation to show for the last 7 yrs -showign steady income.
thanks in advance !

 

[Aaron_C]

Hi eyespy,

If you provide more information then we might be able to help you out...each situation is different especially for commercial.

 

[eyespy]

what other info do you need ?
ip #1 loan amount $230000, value $430000, rent $390 p week, repayment $1400 p month
ip#2 loan $240000 value $280000 rent $310 per week repayment $1450 p month
commercial: rented out as restaurant. i own 50%
total loan amount $350000, value 1.5mil, rent : $7090 p month, repayments $7000 p month

 

[eyespy]

sorry forgot to say that i want to get another residential loan, aiming for about $260000 - i don't want a commerical loan

 

[Aaron_C]

Hi,

So are you purchasing another residential investment property? Since you own 50% of the commercial property you would need the other 50% holder/s to be a joint borrower on any loan application. If you want you can private message or email me and I can look into your situation with a bit more detail.

 

[Marty McDonald]

Amp is a lender that has that 50% rent and 50% debt niche (rather than 50% and 100%) but I believe there are others that may consider it especially if the ownership of the commercial property is tennants in common. There is a way to set this I think..

 

[eyespy]

yes i am purchasing another residential property.

i got my previous 2 residential loans without getting my comm-property partner to have anything to do with my personal loan- so i don't think this is the issue.

thanks for letting me know that AMP does 50% rent and 50% loan calculation. Does anyone know any other lenders who follow this ? i prefer to try another lender before i ask amp for a 3rd loan.

 

[Aaron_C]

Regardless of whether you own 50% of the CIP or not - the main issue from any bank's persepective is serviceability. This question must be answered before you approach any lender at all. You haven't specified what LVR you want, how much the new property is worth etc - all salient questions that determine whether a new loan is possible or not...

You could always ask around but given you are self-employed the branch staff won't even know what to do with you!

 

[Marty McDonald]

Can it service with the 50% rent and 100% debt ? CBA may not be great for servicing with your scenario? There may be a way to set your loan with a more generous lender and or one that will consider the 50% / 50% option. Problem is the lender I am thinking of is not the same lender it was before it was taken over by westpac.....hint hint nudge nudge. Mate happy to run the full numbers for you, don't want to fine as well try your luck with the dragon or fall back amp.

 

[eyespy]

cba lady number crunched with 100 % rent and 100% commerical liability and thought i should be able to loan $400000. it wasn;t til it was double checked at headoffice that the 50% rent 100liability became an issue.

if it is 50% rent and 100% liability then i won't be able to service the loan.

st george....i have spoken to them ages ago...they agreed to accept 50% rent and 50% liability if i get my business partner to sign a letter to accept responsibility for their share. hmm....will consider them

i don;t have anythign against mortgage brokers....just that 1 yr ago i spent a lot of time sending all my info backwards and forth to one that was recommended on this forum and magazines and he/she came back saying i couldnt borrow anythign ! I tried a week after with cba/anz directly and they had no issue gettign me the loan.

 

[Marty McDonald]

Ok no dramas, let's not start a whose better branch or broker argument I am hopelessy biased.

 

[Aaron_C]

Yep best of luck with it!

 

[Qlds007]

Course could have also been that the Broker disclosed everything and the Banker chose to turn half a blind eye.

 

[MattKenworthy]

Problem is the lender I am thinking of is not the same lender it was before it was taken over by westpac.....hint hint nudge nudge. Mate happy to run the full numbers for you, don't want to fine as well try your luck with the dragon or fall back amp.

The owner of the dragon may well consider it also if other aspects of the application are strong (as mentioned we don't know LVR as well as other important info).

 

[Rolf Latham]

Course could have also been that the Broker disclosed everything and the Banker chose to turn half a blind eye.

pfffffffft

only one eye to start with many times

ta
rolf

 

[eyespy]

i want to borrow about $250000 and i have $100000 in deposit but will probably buy at a price about $300000 so i stay at about 80% or below lvr