Lo Docs - lending over $1M

MTR

MTR

Hi all
Raised this issue some time ago, would like to find out my options with what is out there now in the finance world.

Are there any lo doc lenders out there that will lend at 80% LVR for properties over $1M. The particular property in question is currently financed with ING (lo doc), this product no longer exists. I would like to refinance and extract as much equity out of the property which is currently worth $1.8M. What would be the max I could borrow?

I can supply BAS statements.

Cheers, MTR
 
B

bcoombs

You still have a couple of Lo doc options @ 80% LVR max loan still within your limit. I imagine it would be case by case and if its in a suburb where they already have a lot of high lends. But its do able.
 
R

Rolf Latham

Hiya MTR

if u can provide suitable BASs then I would be very tempted to have a go at this on a full doc basis, for if the BAS fi to the story then the rest of the financials may do to.

At tht sort of expsoure at 80 % you are well out of normal lending criteria or lo docs, and while there are lenders that will do those numbers the rates and fees are very ugly.

ta
rolf
 
R

Rolf Latham

that would be good.........

1.44 mill refi at 80 % with cash out

That was tought even pre GFC days

Oh bugger, I forgot., there is retail/branch where something lile that might get through.

ta
rolf
 
MTR

MTR

Thanks everyone.
I believe Bankwest do this at a reasonable rate, however it will be case by case scenario. Any other lenders that you care to mention.

Cheers, MTR
 
R

Rolf Latham

I would get a better vision of what case by case means :) to QBE/ PMI ....ur CRAA isnt worth frying on a maybe thats 10 miles out of policy.

Issues that concern me that are not "within" policy when combined

refi existing security
cash out
over a mill at 1.44 on a single security
80 %
Lo doc

60 % maybe, 80 % lvr.............snowballs I reckon, unless u get a "friendly" branchie.

ta
rolf
 
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