Advice needed on the way forward with secured debt

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Background : A few years back me and my father started building a a duplex unit of two flats in a complex. These are now finished and renting. They bring in X of rent and bond is A. The total value of property is about A + 400k . After levies and bond has been deducted Y is left . Also racked up a combination of secured and credit card debt to get the places off the ground ( banks don't just give building loans, they want to see something happening first

Situation : I had to borrow unsecured for a deposit on my own primary property about a year back. Now with SO not working anymore things are not cutting it ( she's studying full time so she can't )

Question : How can I convince the banks to give me about 300k for debt consolidation. I tried the "today tommorow, maybe never" bank and after submitting had a good prompt reply ( few days ) that I can take my interest and stick it somewhere deep.

What angle should I take on this to consolidate my debt ( I don't want to be credit listed or something ) These people advertising on the radio , debt rescue or whatever, how do they work. I don't need nobody listing me anywhere, I just want to dig myself out a hole I dug whilst creating wealth.


And to the trolls : Yes I know this is MyBB not soundfinancialadvice.com
To the haters : Try taking a cold bath for a week because there is a nice fat 0 on the meter outside.
 
It is impossible to give sound advise to anyone with values like X and A, but I wouldnt advise
you just post anything either. You need to see a financial advisor or someone in debt rescue.

What they will probably look at is - what is your total income and what that will allow you to have as debt.
Try all the banks, just because one said no doesnt mean the rest will.

Add all your income and work on this calculator.
http://www.property24.com/calculators/affordability

See if theres anyway you can twist and turn your income into something that they will allow.
As harsh as it sounds, the banks are all about numbers, its nothing personal.
A qualified financial advisor will probably best be able to help you structure it, they should give you
a free meeting at the first meeting to let you know if they can help or not.

Consider the option of selling the house as well.
 
well selling them might provide short term gain to level out the budget but I then loose rental which three or five years down the line would be to profit from. I think I will talk to an advisor
 
it sounds like your simply over-geared, in other words if anything goes wrong with your setup
you will be in a very bad situation. Ultimately the only way to get out of it is to reduce your debt.

Good luck!
 
update : SaHomeloans is the only one doing debt consolidation. looking good so far for a bright future. Well for me its bright as I will be able to tackle whatever comes now
 
option 1: approach all the banks
option 2: find something to sell (another side business - if possible)
Option 3: Sell one unit

You didn't mention where you are currently living at the moment? My assumption is you are renting/living elsewhere: Maybe you should consider living in the unit u built to save on costs & rent out where you are living now (if u own the property)?
 
only SA Homeloans does what I need. But am on the verge of an answer now. Cant live there too far
 
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