buy-an-investment-propertyThe Scenario

Our client had identified a block of units to purchase for investment hold. Given the “hot” nature of the market, the client was keen to take the property off the market and needed to move quickly as there were several genuine buyers circling to acquire the property. The client immediately placed a holding deposit down with the agent on the basis of a settlement by 17th March 2015. The client engaged the services of First in Finance on the 5th February 2015 to secure funding for the property.

The Solution

First in Finance assessed the requirements and the best solution based on the client’s needs and requirements and arranged for an urgent upfront valuation to be conducted and at the same time finalised application with the client for lodgement  for approval.

The approval for finance was sought and subject only to the valuation. Delays were encountered with the valuer gaining access to the property due to a tenant being away on holidays. Given the urgency of the matter the client was very nervous about losing the site to other potential buyers, as the cooling off period was looming and decided to pay the 10% deposit direct to the agent.

To alleviate concerns First in Finance Director Bronko Kozel, initiated contact with the agent and the clients conveyancer to advise the current status of the conditional approval and where the delays were, which resulted in the conveyancer and agent successfully negotiating an extension of time on the cooling off period to enable the valuation to be conducted, thereby providing some breathing space for the purchaser.

The Outcome

The valuation was subsequently completed and was satisfactory for Banks purposes. Bronko immediately requested urgent confirmation of unconditional approval, which was provided same day and this, was issued to the client’s conveyancer and contracts were arranged to exchange asap.

Loan documents were subsequently issued and deal settled on original proposed settlement date of 17th March 2015

What the client says

“I didn’t see any other option to use a broker when I was looking for finance. For me, I thought it was the only way of getting in touch with a few different banks to work out which would suit me best.  A broker was going to cut down the workload for me in finding the right finance.

It was so valuable being able to call First in Finance at any time. They made sure everything happened on time.  They took care of everything.  I didn’t have the best background and they worked out all the avenues and sorted everything out for me.  I was really lucky to be able to work with them.

What surprised me was that regardless of your history they were going to be able to find the institution that would look after you.  They will find what suits you and make it work. Their connections in the industry are priceless at the end of the day.

I would definitely recommend working with First In Finance and I often give out their number to anyone looking to buy a house or looking for finance.” Mark Zanotto, NSW

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