Beware of the Sundried Tomato Private Lenders

Sundried tomatoes… you see them on menus at restaurants, and it sounds sooo sounds appealing doesn’t it. It sounds like they must taste DELICIOUS because they have been dried in the sun. Well lets be real, can you honestly see…

Beware of the Sundried Tomato Private Lenders

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Sundried tomatoes… you see them on menus at restaurants, and it sounds sooo sounds appealing doesn’t it. It sounds like they must taste DELICIOUS because they have been dried in the sun.

Well lets be real, can you honestly see someone chopping these things up and neatly laying them in the sun? what happens if its winter? By the time they are dry, salmonella would have taken hold, or a few stay cats would have has a tasty meal.

So the point I’m trying to make here is things are always are they appear. Some people use a play on words to make things appear they are something other than what they really are.

Plus in some cases, its more what they DON’T tell you that is the real worry.

We see this behaviour every day when a private business lender springs up and is promising to lend to 80% LVR, and from 6%pa, and they can settle in 24 hours. It sounds like sundried tomatoes to me.

First of all, they forgot to tell you they will do a sworn valuation on the security. There in lies 4 problems.

1. Most panel valuers wont do valuations for private lenders. The few that will charge like wounded bulls and will mark the value of the property right down to cover their backside

2. So the sworn valuation will therefore cost YOU big dollars

And
3. A sworn valuation will also destroy the LVR as the property value will be artificially marked down.

4. Plus, sworn valuations can take anywhere from 2 – 5 days to get done (so there goes the promise of a 24 hour settlement)

Finally, the artificial low interest rate. All I can say is good luck with that. An eye watering low rate is only ever any good if the loan gets funded, and if the lender is prepared to actually fund the loan AT that rate. Often the low rate is a mirage, and its just a lure to get you in and fork out the massive up front valuation fee.

So folks, beware of the Sundried tomato lenders out there. We know there’s plenty of them, as most of their clients end up coming to us after they have wasted thousands of dollars and been messed around for weeks and still don’t have a loan. So stick with the real deal and avoid the nonsense. www.HomeSec.com.au

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