How long does it take to approve a short term loan? What factors may cause delays in my caveat loan settling? What information is required to settle on a loan?

YOUR MOST RELIABLE SOURCE OF SHORT TERM FINANCE.

Frequently Asked Questions

What type of security is needed?
Interim Finance will only lend against property. The combined Loan to Value Ratio (LVR) for all funds advanced must no be greater than 75.00%.

What is the minimum and maximum loan term?
The minimum loan term is 1 month. There is no maximum loan term; however most loans do not exceed 6 months.

What information is required to settle on a loan?
This will naturally vary with each application. As a guide, you will need to be able to provide the following;

A security property(s) with sufficient equity to allow for a 75.00% LVR
Accurate evidence of the amount owed to the 1st mortgagee (if applicable)
A realistic exit strategy.
Satisfactory credit history.

Can I capitalise interest into the loan?
Yes. Interest and legal costs (excluding the valuation fee) are generally capitalised into the loan.

What are the minimum and maximum amounts I can borrow?
The minimum loan amount Interim Finance will advance is $30,000. The maximum loan amount is $1,000,000.

Do I have to pay up front fees?
The only fees that are paid up-front for your loan are the valuation fees. If the loan proceeds to the preparation of Loan Documentation, then a payment of approximately $750 will be required being part payment of legal fees.

Fees for residential property valuations generally range from $350-$550; this is of course subject to the value of the property being assessed. In most cases Interim Finance is able to obtain a 48hr turn around on valuations instructed.

Are there any penalties if I repay early?
No. Early repayment of your loan will not attract penalties. Costs associated with the discharge of the loan are approximately $330.00.

Why do I need an exit strategy?
This allows Interim Finance to understand how the loan will be repaid. We consider ourselves responsible lenders and as such we need to satisfy ourselves that the loan can be repaid without causing hardship.

Should the borrower seek legal advice on the Loan?
Interim Finance will insist that independent legal advice has been obtained. Generally this takes no more than 45mins and is put in place to protects both borrower and lender

How long does it take to approve a loan?
A verbal approval can be given over the phone. An Indicative Letter of Offer within the hour. A formal Letter of Offer is generally provided shortly thereafter. The speed and accuracy of the information provided to Interim Finance will greatly affect the time it takes to settle a loan. Interim Finance aims to settle loans in the shortest practicable time.

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