This broker has a client who owns a caravan park outright. Can they use this to secure a mortgage?
This broker has a client who owns a caravan park outright. Can they use this to secure a mortgage? Here are the details:
Location: WA
Loan required: $350k, owner-occupied purchase, full doc, 100% LVR
Details: The client wants to use a seven acre caravan park that they own outright as security for the deal. They're looking for a 20% lend as security guarantor on a purchase price of $350,000, so the new loan would be $70,000.
Can you offer any advice? Click here to see the scenario and offer your comments.
