Resimac & Relocateables - Share your (recent) experience please!

[Happi]

Hello PT Group

I am wanting to borrow to relocate two houses on my section. I am confident that the high street banks will not lend for a relocatable in our situation (one has turned us down flat - the other one we deal with is 'considering' our situation).

Pertinent Details... Our cash-flow is very weak, we are just about covering our outgoings. However we do have a huge amount of equity. By relocating these two houses we should have excess positive cash-flow from the two rental incomes. Therefore we are considering approaching Resimac as a last resort if high street banks won't lend us the money...

Please share your recent experiences with Relocateables or with Resimac...

Any advice offered from your personal experience with Relocateables or Resimac is very welcome!

Thanks
Happi

[XridProp]

Hello PT Group

I am wanting to borrow to relocate two houses on my section. I am confident that the high street banks will not lend for a relocatable in our situation (one has turned us down flat - the other one we deal with is 'considering' our situation).

Pertinent Details... Our cash-flow is very weak, we are just about covering our outgoings. However we do have a huge amount of equity. By relocating these two houses we should have excess positive cash-flow from the two rental incomes. Therefore we are considering approaching Resimac as a last resort if high street banks won't lend us the money...

Please share your recent experiences with Relocateables or with Resimac...

Any advice offered from your personal experience with Relocateables or Resimac is very welcome!

Thanks
Happi

Hi Happi

I have used Resimac before but only to get finance and then i switched to another bank 3 months later. I found a good deal, put in 10% deposit and then refinanced with another bank to get me above the 80%. Their interest rates are high aswell as other fees but for me it was worth doing it as it meant i could buy this property. i think they were one of the non bank lenders that stuck around when things where bad. good luck

[Happi]

Thanks Hendrix, your example is encouraging! Quick turnaround for us would be 3 months or less, and a very slow one would be 6 months. Both would be manageable in our mind as far as slightly higher mortgage rates and set up fees go.

[Happi]

Anybody else on PT willing to share your (recent-ish) experience either with Resimac or with relocatables? Thanks!

[brokerman]

Anybody else on PT willing to share your (recent-ish) experience either with Resimac or with relocatables? Thanks!

I use Resimac every day, great service and products. Not really for short term solutions though. They will not lend on relocatables or plaster houses with no cavity.

[Happi]

I use Resimac every day, great service and products. Not really for short term solutions though. They will not lend on relocatables or plaster houses with no cavity.

Damn! Thats a shame...
Thanks for sharing your knowledge

[brokerman]

Damn! Thats a shame...
Thanks for sharing your knowledge

Welcome! Without additional security I'm not sure who would either.

[Happi]

Welcome! Without additional security I'm not sure who would either.

Ohh but we do have additional security... family home and existing long term buy & hold rentals that have equity... aprox 1.5 mil RV and 1 mil mortgages over 3 different banks. Waiting to hear back from BNZ finance team.

[Happi]

sorry thats not including the family home which is worth 8k and has a 3k mortgage :-)
I do think this can be done... its just that we have never done anything like this before!
Newbies :-)

[Happi]

Gosh! I must be drunk typing that was meant to be...
Home worth 800k and mortgage 300k oops!

[brokerman]

Gosh! I must be drunk typing that was meant to be...
Home worth 800k and mortgage 300k oops!

You should be fine with BNZ, if not let us know.