"Rent Reliant"
- Thread starter Medine
- Start date
Lo and no doc loans have taken the edge off that statement. Much easier to get finance these days.
Cheers
Simon
Cheers
Simon
Has anyone heard the term "Rent Reliant" recently? As in "We won't approve this loan because you are too Rent Reliant"?
I once heard this...
If you're applying for a loan and they tell you this, just tell the person behind the desk:
"And you're too job reliant. You get sacked, and your world comes crashing down. Us, if one of our properties is vacant, we've got plenty more to keep us afloat".
nah nah Medine you have the spelling wrong
You are too Rant reliant :O)
I havent heard that used as an excuse for " you smell and we dont want your business anyore" for yonks.
We used to get it occassionally where a client had too much exposure (TAE) with the one lender. That doesnt happen much any more, because we control that exposure.
In one case I had a guy with ONE job and 48 Ips........................Im sorry ROlf, we cant give Mr X more money, he is way too reliant on his rent to service his debts.....................k........................ but hes only got one job and more than 50 tennants ....................ummmmm its more likely hed lose his job surely than lose all his rental income ?
I also think that the current rental market is way tighter than its been in the last cycle and a half, and it probably wouldnt wash as a good excuse when the papers have front page news of renters fighting for places.
ta
rolf
You are too Rant reliant :O)
I havent heard that used as an excuse for " you smell and we dont want your business anyore" for yonks.
We used to get it occassionally where a client had too much exposure (TAE) with the one lender. That doesnt happen much any more, because we control that exposure.
In one case I had a guy with ONE job and 48 Ips........................Im sorry ROlf, we cant give Mr X more money, he is way too reliant on his rent to service his debts.....................k........................ but hes only got one job and more than 50 tennants ....................ummmmm its more likely hed lose his job surely than lose all his rental income ?
I also think that the current rental market is way tighter than its been in the last cycle and a half, and it probably wouldnt wash as a good excuse when the papers have front page news of renters fighting for places.
ta
rolf
