Woohoo! Finance came through!

[Belbo]

Just wanting to have a bit of an indulgent gloat . . . .

Have been recently going hard for another high-yeilding zinger (with a comparatively SFA cash deposit of $35K in hand and a brief lend of $30K from a dear accomplice), and at the very last minute LMI was denied a week ago, seemingly crashing the deal!

Brilliant mortgage broker got back down to work (always ignoring the temp loan), demanded better data from the local REs to support valuations, resubmitted at higher levels and got the bank to approve-in-principle in advance of the LMI, and forced the issue in our favour. (Note to self: Don't ever go back to banks. Find and stick with an outstanding mortgage broker.)

What a day!

 

[BuildingBlocks]

Good stuff! A good broker is an excellent resource

Care to provide any property details?

 

[LisaP]

Well done Belbo! I'm currently applying to CBA to get a top up loan on my first property so that I can use it to renovate my second property. I'm hoping for a good valuation outcome *fingers and toes are crossed*!

 

[Francesco]

Good on you Belbo and it shows that credit is still available, at least for you. Of course if the figures for the investment work out it would be sweet.

 

[BV]

Have been recently going hard for another high-yeilding zinger (with a comparatively SFA cash deposit of $35K in hand and a brief lend of $30K from a dear accomplice)

Belbo
Stop pushing up property prices in Woop Woop.....
Mate, you're supposed to let them crash first (before you buy up everything).
Is this in Port Hedland?

 

[locko24]

We demand details!!!

 

[Token Funder]

Just wanting to have a bit of an indulgent gloat . . . .

Have been recently going hard for another high-yeilding zinger (with a comparatively SFA cash deposit of $35K in hand and a brief lend of $30K from a dear accomplice), and at the very last minute LMI was denied a week ago, seemingly crashing the deal!

Brilliant mortgage broker got back down to work (always ignoring the temp loan), demanded better data from the local REs to support valuations, resubmitted at higher levels and got the bank to approve-in-principle in advance of the LMI, and forced the issue in our favour. (Note to self: Don't ever go back to banks. Find and stick with an outstanding mortgage broker.)

What a day!

Did we have to tell porkies to get the deal or am I misreading something

 

[vbplease]

Did we have to tell porkies to get the deal or am I misreading something

bit hard to tell without knowing how high is a high-yielding zinger?

Have been recently going hard for another high-yeilding zinger

and how much lower was the bank's val?

demanded better data from the local REs to support valuations

mind sharing any more details Belbo? granny flat? regional? ex-housing com? resi/commercial?

 

[antonio]

Congrats Belbo!

The value of a great member on the team is invaluable

Always good to celebrate

 

[murph14]

I think this song suits how you feel to a tee.

 

[Belbo]

Yep, it's in South Hedland. A 3/2/1 villa at $610K with an 11% yeild, with a little for common pool and gardens. No, no fibs ever, TF. Everything fully and properly disclosed. Initial valuation failed to convince because of alleged lack of comparables (lazy valuer): RE sorted that quick smart, and MB, not one to settle for 'no', went to work. And to ice the cake, just got an email to say a qualified tenant is now lined up and waiting.

I do like that song!

 

[locko24]

Yep - sounds like most people would love that song!
11%? Very impressive!

Congrats to you!

 

[BV]

Yep, it's in South Hedland. A 3/2/1 villa at $610K with an 11% yeild!

Mate I like the yield but the price seems excessive.
Something is very wrong here.
Don't look at the yields on their own.
How do you know that the yield is not fabricated by the agent and a few of his mates working in the mines and is only temporary and you could be stuck with a dud and a huge liabiliy?
I'd run if I were you.....

 

[Belbo]

Mate I like the yield but the price seems excessive.
Something is very wrong here.
Don't look at the yields on their own.
How do you know that the yield is not fabricated by the agent and a few of his mates working in the mines and is only temporary and you could be stuck with a dud and a huge liabiliy?
I'd run if I were you.....

That's the beauty of it - I don't know if it's a fabrication or not. If it is, their fabrication is as cunning as a road-kill fox semitrailer sheep-shipping takedown play - 24% annual CG for the last 10 yrs, and counting. I could be snooped, sure! But I'm a betting man, and I've got to get out of the J.O.B. before I get too old to not be scared.

 

[BV]

Or you could be forced to work till you're 80 to repay the loan of a property which is worth 1/3 of the asking price

 

[RumpledElf]

I'm currently applying to CBA to get a top up loan on my first property so that I can use it to renovate my second property. I'm hoping for a good valuation outcome *fingers and toes are crossed*!

Oh, good luck with that. I got my valuation request knocked back last year and had to take my new loan AND the big slab of cash we had as a deposit elsewhere. Just got the $1,055 exit fee from the CBA to prove it.

Their loss, athough our total 'portfolio' of debt/cash barely over 200k I guess its not worth it to them.

If we move onto any other projects I doubt very much we'll go with the CBA, just refinance our other loan to a local bank.

 

[Duel]

"Or you could be forced to work till you're 80 to repay the loan of a property which is worth 1/3 of the asking price"


Why do you say it is only worth 1/3 of the price? That is market price for a 3 bedder.

 

[Belbo]

"Or you could be forced to work till you're 80 to repay the loan of a property which is worth 1/3 of the asking price"


Why do you say it is only worth 1/3 of the price? That is market price for a 3 bedder.

Because BV is a non-believer!!!

 

[Duel]

How high do you think the value of your villa will go?

 

[BV]

How high do you think the value of your villa will go?

sky is the limit