Urgent loan approval and settlement

[mattnz]

Hi all,

I have a friend who is in a bit of a bind. They purchased a property at auction, with an investor lined up to pay for most of the property outright, before developing it, so she didn't try to get a loan. The investor has now pulled out at the last minute and the deal is due to settle 24th August.

Which lenders are able to approve and settle a loan that fast? A smaller building society perhaps? It is in NSW.

Thanks,
Matt

 

[Aaron_C]

LVR? Loan amount? Servicing strong? A smaller lender won't be able to do it as they can't escalate files in their systems.

 

[Shahin_Afarin]

You still have time but you really need to be on the phone and push/escalate each step of the application process. We did one 2 weeks in 9 working days.

 

[mattnz]

Sorry dont have all the details, small loan amount. Property purchase $295k, loan amount only $190k, so under 80% LVR. Assume serviceability should be fine, but cant confirm.

Which lender would have the best chance?

 

[Aaron_C]

Sorry dont have all the details, small loan amount. Property purchase $295k, loan amount only $190k, so under 80% LVR. Assume serviceability should be fine, but cant confirm.

Which lender would have the best chance?

One of the broker generated ones like Homeside or even Macquarie. Stay away from Bank of Melbourne / St George.

 

[Shahin_Afarin]

I personally use Westpac and CBA for urgent deals as I have priority service with them. As Aaron has stated St George should be the last lender on the list.

 

[mattnz]

Thanks all, wish my experience with Westpac had been that good. Took 3 months from providing all requested documents, to my builder receiving their first stage payment on a 2 townhouse build!!

 

[Shahin_Afarin]

Took us 8 working days from submission to settlement with Westpac but then again we had priority servicing and a hell of a lot of running around and begging!

 

[Mick C]

Stay away from Homeside for now...they are too busy!!

NAB would be very quick as they provide each broker with a case manger + they can auto approve the loan unconditionally within 3 hours providing valuation has already been done ( system generated full approval for simple deals ) + if you ask nicely NAB will allow your friend to pick up the loan docs and sign it THERE! in their North Sydney office...Loans can be approved and settled within 4 working days in total.


For quick settlements- Stick with the major banks or major lenders only ...also each broker would have different relationship with individual banks.

Also from the sound of your original post, is the home damaged? or require some major renovations etc?

Regards
Michael

 

[mattnz]

My understanding is that its rentable, shouldnt be any dramas. Was originally listed at over $500k and final purchase price $295k, so assume vals should easily stack up.

Good to know about the great nab service. Pity they are no good for development finance though. Require 30% of development costs!! Will put in less than half that with anz.

 

[Rolf Latham]

wesuck works well for us unless the client is self employed

10 days to settlement is achievable i the system doesnt demand a val.

In addition, many brokers can do upfront vals with wbc

t
rolf

 

[jamie.diflorio]

...you could also approach a bank direct and avoid brokers

If lending office or branch manager has a DLA then approval and docs can be actioned within a few days

no need to send application to processing centre or somewhere in Adelaide or Bangalore

old school banking - how it used to be many years ago

 

[Brady]

Cant comment for other, but CBA could do it within your time frame.