trying to buy our tenth property. afer asurance that we were in great positon. ie great LVR, excellent rents and incomes, we made an offer and had it accepted. this was early September. still waiting for our loan to be accepted. using non bank lender. first they said they didnt accept ourself managed properties, even though they are highly lucrative, we rent them as single rooms, to uni students. We provided copies of leases for all, and rent statments from our software, and two years of tax returns. But that wasnt good enough, they made us get rental appriasial letters, of course these are much less than the actual income.
now 5 weeks later, they are syaing we are too rent reliant. i just dont get this, we have 9 properties, not all of them self managed, and not all rented as single rooms, we feel like we are bing penalised for buying well and hving a good income which just happens to be that all are positive, and we dont have to put in a cent of our own money. I should add that we also have agreat cashreserves.. and LVR quite low
can someone please explain? why the lengthy process, and whats this about having to be heavily in negative debt in order to be able to get a loan easily? I know things in finance are different these days but we never ever had so much trouble? we are at a loss as to what to tell the vendor who accepted our offer on 5 September???
can anyoen give any positive responses. the lender is sayign its lookign positive. then we dont hear for over a week, then they want more information/documents .....
now 5 weeks later, they are syaing we are too rent reliant. i just dont get this, we have 9 properties, not all of them self managed, and not all rented as single rooms, we feel like we are bing penalised for buying well and hving a good income which just happens to be that all are positive, and we dont have to put in a cent of our own money. I should add that we also have agreat cashreserves.. and LVR quite low
can someone please explain? why the lengthy process, and whats this about having to be heavily in negative debt in order to be able to get a loan easily? I know things in finance are different these days but we never ever had so much trouble? we are at a loss as to what to tell the vendor who accepted our offer on 5 September???
can anyoen give any positive responses. the lender is sayign its lookign positive. then we dont hear for over a week, then they want more information/documents .....
