Because we are able to look at each matter on a case by case basis and our investors are flexible, we are able to approve loans where borrowers may have had some past credit issues.
Yes, we can accommodate small to medium size construction loans. Loan to value ratios are typically limited to 55% of G.R.V.
The majority of the loans we arrange are written over twelve months however in some cases terms of six months can be offered. If a twelve-month loan is paid out ahead of time, there may be early retirement fees payable.
Yes, in many cases interest can be prepaid for part or the whole loan term.
This is very common question. From a funding perspective the only difference between a bank mortgage and a private mortgage is where the capital comes from. The mortgage documents and the protections they provide are fundamentally the same. Remember, the borrower is the one who receives the money. A mortgage document is really designed to protect the lender, not the borrower.
A non-code loan is one where the majority of the loan is used for a business or investment purpose. In most cases borrowers will be a company with the directors being the guarantors.
- Residential – typically not owner occupied however there are exceptions to this.
- Commercial – no specialised securities such as service stations or property that does not have alternate usage.
As everyone’s situation is different the documents we will require can vary however core documents can include;
- A completed application form including an asset and liability position
- Loan statements
- An Accountants Certificate
- Rental income confirmation
As a part of our due-diligence ComDirect will typically obtain;
- Credit checks for the borrower’s
- A valuation for the security properties
Every effort will be made to settle a successful application as soon as possible, typically within fourteen days, however there are a number of factors that can affect this such as an outgoing mortgagee producing title or a first mortgagee providing consent for a second mortgage.
This really depends on the risk profile of the transaction and the investors expectations. In general interest rates range from 7% to 10% for first mortgages and 12% to 20% for second mortgages.
This depends on the value of the security property and the borrower’s ability to service the debt. In general we can provide loans up to 65% of the value of the asset.