Sign up with GoogleHi all,
I am in the market for a loan that doesn't exactly fit any of the current loan descriptions. It's an asset-backed loan that is a cross between a personal and a home loan, with a loan-to-value ratio of about 50%.
Background:
I own a house in Kloof (an upmarket suburb near Durban), on a large piece of land, which is in a prime position to be turned into a pub/restaurant/wedding venue. It has natural beauty, and is next to a nature reserve, but at the same time is on a very busy road. I wish to apply for rezoning to commercial use, but that process can be expensive, and I don't have the cash for it. In addition, there is no guarantee of success with such an application.
See here for info and ideas that I have come up with for the property: http://kloofgorge.co.za/operator/
Loan:
The loan amount will be approximately R1m (the house has a municipal valuation of R2.1m). Half the loan will go directly to Standard Bank to pay off the current home loan, and title will be transferred to the grantor of this loan.
There is to be an initial period, of up to two years, during which there are to be no repayments, and during which any of the following could occur (a minimum initial period could be stipulated, if required):
1. The house is sold, and the loan repaid in full.
2. The loan is repaid in full, from some other source.
3. The loan is converted into a standard home loan.
If none of these have happened by the end of two years, any of them will then need to be actioned.
Any ideas where I could get such a loan? The standard peer-to-peer offerings don't go that high.
I am in the market for a loan that doesn't exactly fit any of the current loan descriptions. It's an asset-backed loan that is a cross between a personal and a home loan, with a loan-to-value ratio of about 50%.
Background:
I own a house in Kloof (an upmarket suburb near Durban), on a large piece of land, which is in a prime position to be turned into a pub/restaurant/wedding venue. It has natural beauty, and is next to a nature reserve, but at the same time is on a very busy road. I wish to apply for rezoning to commercial use, but that process can be expensive, and I don't have the cash for it. In addition, there is no guarantee of success with such an application.
See here for info and ideas that I have come up with for the property: http://kloofgorge.co.za/operator/
Loan:
The loan amount will be approximately R1m (the house has a municipal valuation of R2.1m). Half the loan will go directly to Standard Bank to pay off the current home loan, and title will be transferred to the grantor of this loan.
There is to be an initial period, of up to two years, during which there are to be no repayments, and during which any of the following could occur (a minimum initial period could be stipulated, if required):
1. The house is sold, and the loan repaid in full.
2. The loan is repaid in full, from some other source.
3. The loan is converted into a standard home loan.
If none of these have happened by the end of two years, any of them will then need to be actioned.
Any ideas where I could get such a loan? The standard peer-to-peer offerings don't go that high.