Lo Doc Finance For 6 Aprtments

Hi

I hope I can get your thoughts as to were I can go to get the refinance deal I want.

I have just completed construction of 6 apartments in one block, in inner Melbourne. They are 4 x 2br and 2 x 1br and now strata titled.
Charter Keck Cramer have recently valued total at $2.4M.
They have just been rented for a total of $118,000 per year.

I wish to refinance from my existing construction loan (Bank West) to investment loans with 1, 2, or 3 different lenders.
I want lo doc 80% (with cash out) and want no cross collateralisation of properties. Credit rating excellent. Ownership of aprtmnts under partnership with my wife. The partnership has an ABN number.

Im encountering problems with my request upon approaching my finance broker an Xinc broker. I understand the bank's current situation with dealing with lo doc self employed people, but know I can get the deal with someone.

I am flexible with the LVR and rates as long as I can get close to above conditions.

Any help would be greatly appreciated.

T
 
How long has the partnership been in existance for?

Are you sure you need Lo-Doc?

How much is owing at present (will give an idea of how much the cash out portion is)?

What is postcode?

You mention "with different lenders". May struggle to locate a couple of lenders (depending on above answers) let alone 5 different ones.

The CKK figure of $2.4M was post strata i.e. you have added all 6 valuations together?

Regards
Steve
 
Hi Steve

partnership was set up over 15 years ago.
Vals are post strata; individually they are
$460 K
$450 K
$420 K
$420 K
$320 K
$320 k

I owe B West $1.6 M
Property in 3079

Thanks
T
 
I want lo doc 80% (with cash out) and want no cross collateralisation of properties. Credit rating excellent. Ownership of aprtmnts under partnership with my wife. The partnership has an ABN number.

Hi Zapzap and Welcome to the Forum

If you are wanting to spread the loans over the 6 apartments that should be OK, but there are not many lenders which can now accommodate uncontrolled cash out.

There are more choices if they are controlling the surplus funds eg as a deposit on a further purchase

However, depending on the structuring of the loans themselves it is probably not that difficult to do what you are planning to do.

Your broker should be able to come up with some creative ways of assisting you. X-inc have a good panel of lenders, but there will obviously be some leg work for your broker to track down and put together a scenario which suits the lenders and which will suit you

Cheers
Kristine
 
Hiya

Id think u need some privateish funding in addition to the one or 2 mianstreams that will do one or 2 of these with cash out

Whats not going to help is that most lenders may see this as a developer take out loan, so your plan of spreading it around a little is good.

The one thing to look out for is to make sure that when u settle, that you have the full 1.6 owed to the existing lender, and dont try and do partial releases.


ta
rolf
 
The one thing to look out for is to make sure that when u settle, that you have the full 1.6 owed to the existing lender, and dont try and do partial releases.

I thought the term 'settle' was only used for property transactions, not refinances, although I guess that makes sense. I'll be interested to see what happens here; If I ever get my 5 townhouses constructed I'll want to keep them and refinance too. Low-doc, 80% LVR, etc.
 
Thanks for all your quick replies and encouragement.

Xinc is trying..... but I think they may have to become more creative in setting up the structure of the loans.

I'll keep you all informed .

Cheers
T
 
Top