FAQ
Frequently Asked Questions
The Interim Finance team industry knowledge and experience allows us to provide comprehensive answers to our clients’ questions during consultation. We are also comfortable in providing short and simple answers to some of the most frequently asked questions, below;
What type of security is needed?
Interim Finance will only lend against commercial and residential (house, units & vacant land) property. The combined Loan to Value Ratio (LVR) for all funds advanced must be no greater than 75%.
What are the minimum and maximum loan terms?
The minimum loan term is one month. The maximum loan term is twelve months, with options to extend or rollover facilities.
Can interest be capitalized 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 Interim Finance lend?
The minimum loan amount Interim Finance will advance is $20,000. The maximum loan amount is $2,000,000.
Are any upfront fees incurred?
In general the only fees that are paid upfront on the loan are the valuation fees. Fees for residential property valuations generally start from $385. This is subject to the value of the property being assessed.
What is the Risk Assessment Charge?
This fee represents the lenders transaction and risk costs associated with the short term deployment of funds. This charge is calculated on an individual basis and is drawn from loan proceeds at settlement
Are penalties incurred for early repayment?
No. Early repayment of the loan will not attract penalties. Costs associated with the discharge of the loan are approximately $330.
Why does Interim Finance require an exit strategy?
This allows Interim Finance to understand how the loan will be repaid. We are responsible lenders and as such must satisfy ourselves that the loan can be repaid without causing hardship to our client.
Should the borrower seek legal advice on the Loan?
Interim Finance will insist that independent legal advice is obtained. Generally this takes no more than 45 minutes and is put in place to protect both the borrower and the lender. In some cases Interim Finance will insist that the borrower obtain independent financial advice for further protection.
How long does it take to approve a loan?
A verbal approval can be given over the phone. Interim Finance generally issues an Indicative Letter of Offer within an 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 practical time.
For further enquires, and a confidential discussion of short term loan options, please call the Interim Finance team on 02 9982 2222.
