Private Loan Expiring? Refinance With an Urgent Short Term Loan

Yes. We refinance a lender before or after it appoints a receiver, and our loan repays the private lender at settlement, within 70% of the warehouse's value. Expect the payout figure to be higher than the original loan, because default interest and the receiver's costs can be added to it. Ask the private lender today for a written payout figure to a settlement date, and send it to us with the warehouse details. We do not give insolvency advice, but we can connect you with insolvency specialists in our network, who can explain what repaying the lender in full means for the receiver's appointment.

• →Refinancing a lender that has appointed a receiver

That property alone does not cover it. Our limit is 70% of the value across every loan on the title: 70% of $1,400,000 is $980,000, and after the bank's $500,000 that leaves $480,000, which is $120,000 short of the $600,000 payout before interest is added. A second property can be added as additional security, with the 70% worked out across both. Send us the written payout figure and the details of any other property you own, and we can tell you within hours whether the numbers work.

Put both offers in writing and compare them over the same period. For the extension, ask for the new rate, every fee and cost, and the date the extended term ends. For a refinance, compare our rate, from 9.7% p.a. on a first mortgage or from 11.95% p.a. on a second, plus the costs of moving: the new loan's costs, the outgoing lender's discharge costs and the legal work on both sides. Compare the term as well. A three-month extension that ends before your sale or refinance is finished means facing another maturity date. Our terms run from 1 to 24 months and are set to your repayment plan.

It can, so check early. Ask your solicitor to read your first mortgage agreement for what it says about a new second mortgage, and if the bank's consent is needed, ask the bank for it on the day you decide to refinance. Where the bank's timing will not fit the maturity date, a caveat loan can be the alternative. Tell us the maturity date and the bank's name when you call, and we can plan the refinance around the consent.

• →Caveat loans

You can refinance the bridging loan and put the warehouse back on the market. A new loan from us repays the current lender at settlement, and the new term, up to 24 months, is set to give the next sale campaign enough time. Ask the current lender for a written payout figure today, and ask your solicitor what the failed contract means for the buyer's deposit. Send us the payout figure with your agent's advice on a new asking price, and we can give you terms within hours.

• →Bridging loans

Your solicitor needs to answer that, after reading the loan contract and any emails or letters about the extension. Until the lender confirms an extension in writing, plan as if the original maturity date stands. We refinanced a $3 million private loan in this position, and it settled before the expiry date. Send us the payout figure and the maturity date today, so the refinance can run while your solicitor deals with the lender.

• →$3 million to pay out a private lender before its loan expired

It is about $70,000 short on that value. Our limit is 70%: 70% of $1,700,000 is $1,190,000, and the payout figure is $1,260,000, before the costs of the refinance itself. There are two ways to close the gap: add a second property as additional security, with the 70% worked out across both, or reduce the payout figure from your own funds before settlement. Our own valuation may also differ from the $1,700,000 you have, so send us the property details and we can check the numbers within hours.

Yes, where the loan was for business purposes and the numbers fit. The company stays the borrower, and your home is the property that secures the loan. We ask you to confirm the purpose in writing. Send the original loan contract and statements showing where the funds were used, and we will tell you what else we need. If the original loan paid for the home itself, a refinance would be consumer credit, which we do not provide.

The numbers fit inside our limit. After the reduction the first mortgage is $1,500,000, and a $300,000 second mortgage takes the total back to $1,800,000, which is 60% of $3,000,000. A second mortgage is from 11.95% p.a. Check your existing loan agreement and ask your solicitor whether the first lender must consent to a second mortgage, and if it must, ask for that consent in writing when it confirms the rollover. If the first lender will not agree, a first mortgage from us can repay the whole $1,800,000 in one loan, from 9.7% p.a.

• →Second mortgage finance

That depends on your loan contract, so ask your solicitor to check it and ask the lender to confirm in writing. The answer decides whether you need to settle before Friday or can settle a few days after it. The practical step is to request the payout figure today, calculated to a specific settlement date before Friday. We plan the valuation and loan documents around that date.

We can, where the bank refinance is a realistic plan with a date. Our loan repays the current lender, and its term is set to cover the time to lodge the returns and for the bank to assess the application and settle. Send us the payout figure, the maturity date and a note from your accountant on when the returns will be lodged. If the bank has given an indication in writing, include that too.

• →Refinance business loans

Yes, where the property supports the full payout figure, including default interest, within 70% of its value. Send the written payout figure and any default notice, and we can give you terms within hours.

Send us the loan contract, the lender's written payout figure, and evidence of how the loan will be repaid, such as a sale contract or a bank approval. With those, we can give you terms within hours.

Yes. Default interest and fees become part of the payout figure, so the new loan has to cover them, and the total must stay within 70% of the property value. Refinancing sooner stops those charges growing.

Yes. We can pay out a caveat lender and register a first or second mortgage in its place, usually with a longer term than the caveat loan had.

Check the date in the notice with your solicitor, because the period depends on your state and your contract. Call us the day the notice arrives, so the refinance can settle before it ends.

Your loan contract may include a discharge fee and the lender's legal costs, and both form part of the payout figure. Check your contract, and ask the lender to itemise the figure in writing.

Same-day settlement is possible, depending on your scenario and on how quickly your current lender provides a discharge. A caveat or second mortgage over property with no disputes or other caveats on the title is usually the fastest structure.

• →$3 million second mortgage in 48 hours when another funder kept moving its conditions
• →$250,000 funded in under 2 hours
• →$3.2 million settled within 24 hours

Yes. If the delay has held up cash your business needs, we can lend for wages, stock or suppliers as well. We fund working capital for businesses in property development, construction, retail and other industries.

• →All industries we lend to
• →Working capital loans