Private Mortgage Lending Matrix

 

Short form Description
Private Mortgages (or Private Funds) are sometimes also called Solicitors Mortgages, as Solicitors used to run these funds, before new legislation had been introduced to better regulate these mortgages. Private Mortgages often represent a suitable short term funding solution with minimal fuss and hassles.

Purpose Business/unregulated Business/unregulated Business/unregulated
Loan Term 1-2 years 6 - 24 months 1-6 months
Loan Amount $100,000 to $3,500,000 $50,000 to $1,000,000 $25,000 to $350,000
Interest rates
9.25% to 12.25% p.a.

18.95% to 25.00% p.a.

2% to 5% per calender month

Max LVR

65%

75%

75%

Repayments

Interest only Interest only Interest only
Requirement 1st registered mortgage 2nd registered mortgage with priority letter from 1st mortgagee 2nd ranking unregistered mortgage noted on title through a caveat
Eligible Security

Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC, SA, WA and QLD


Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC, SA, WA and QLD


Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC and QLD
NSW, VIC, SA, WA, QLD Metro areas only NSW, VIC, SA, WA, QLD Metro areas only NSW, QLD, VIC, Metro areas only
Serviceability
no servicing required if interest prepaid. Otherwise borrower must be able to show clear ability to service.


no servicing required if interest prepaid. Otherwise borrower must be able to show clear ability to service.
Interest prepaid
Exit
Clear exit strategy to be provided

Clear exit strategy to be provided

Clear exit strategy to be provided


Credit History


Veda Advantage credit search conducted for purpose of full disclosure only


Veda Advantage credit search conducted for purpose of full disclosure only


Veda Advantage credit search conducted for purpose of full disclosure only


Early repayment fee


minimum term 12 month


minimum term 3 month


minimum term 3 month


Commitment fee


from $990


from $990


from $990


Establishment fee


2.20% inc GST


2.20% inc GST


2.20% inc GST


Valuation fee


Valuation to be quoted on application - guide 0.1% of property value

Legal fees

Lenders legals estimated from $1,500.00




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