Not all lenders will look at the security you are offering for a loan in the same way. Different lenders will offer varying loan to value ratios on a property (the loan amount expressed as a percentage of the value of a property) and on some properties you may find that a lender will not be willing to take the asset as security at all.
When you think about this it is quite logical… if you get into any trouble with servicing your loan and a sale of the security property is required in order to repay the loan, the lender needs to know that the security property can be sold quickly. The bank will also want to know that the value of that property is unlikely to fluctuate too much in value, which will obviously affect their level of risk.
However, what is a logical scenario to a lender is not always the answer you are looking for! This is where we step in. Our dedicated team of mortgage brokers is familiar with many different types of specialized securities. We also have relationships with various lenders and are therefore able to source the right loan offer in relation to on your requirements.
Some common types of specialised securities include:
- Company title property
- Multiple units on one title
- Studio apartments
- Vacant land
- Holiday rental property e.g., hotels, motels etc
- Retirement units
- Flood affected property
- Service stations, childcare centres, parking stations etc
Call us now to find out how we can help you with your specialised security property.