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  • Businessmen - Can't prove serviceability?

Private mortgages, Solicitor loans Non-Bank Lending

“Private Mortgages” – often referred to as solicitors’ loans – have been common in Australia for over a century and via Fuss Free Finance you have access to a network of solicitors and many individual investors Australia wide – if you have a commercial, rural or specialised property (e.g. squash court, vacant land, farm, car wash etc.) that the institutions (banks, building societies etc.) won’t touch and/or no tax returns to support a loan and require land financing then a Private Mortgage may suit you. Second mortgages and Construction loans are also available under this category.

Private mortgage funders are more forgiving and understanding of the sorts of problems that many borrowers face from time to time as part of life’s travails – things the banks and other lenders so often do not ‘appreciate’ and so decline your application without really considering the circumstances of your ‘plight’.

Private funders will often ‘give you a chance’ when all others will not.

In addition compared to ‘institutions’, private mortgage lenders are simply so much easier to deal with – faster decisions, less paperwork, quicker settlements – you might say it’s “fuss free finance”!

Whilst it is true that rates are generally higher for this kind of loan this is often considered by borrowers to be off set by the fact that no risk fees or mortgage insurance is payable, nor are monthly fees attached to the loans and ‘interim financials’ are not required every quarter saving accounting costs and finally nor are tax assessments usually required (other than for compliance reasons) and so it is not necessary to pay large tax bills in order to qualify for a loan.

Finally quite often in addition to a self declaration of income, an accountant’s letter that states that in the accountant’s opinion the applicant has the capacity to meet the payments due under the intended advance and further that they will not cause undue hardship – or words to that effect – are all that is necessary to pass serviceability ‘tests’.

So if you have been declined by ‘the usual suspects’ or require fast approvals and quick settlements or simply need some ‘fuss free finance’ give us a call to see just what might be a life saver for you

….How can we help? Call us now on 1300 131 876 to discuss your loan or complete our enquiry form and we’ll call you back.

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