Chinese buyers with no Australian residency or local family connection can still get property loans here thanks to a newly established billion dollar fund that caters specifically towards their needs.
Victorian-based brokerage firm Lending HQ launched its funding options on Monday at Investorist’s China Connection Roadshow in Shanghai and Shenzhen held from March 27 – 31 with in excess of $1.5 billion loan-ready pool of funds for both residential and development loans.
“On our first day of China Connection in Shenzhen, the response to the Lending HQ fund offering has been extremely positive. It’s a great confidence boost for our Chinese agents and their clients, plus the developers here launching their Australian projects, knowing their deals can be finalised without issue.”
“Competitive funding options such as those arranged by Lending HQ, are set to shake up the big four banks once they get wind of just how much business is being written outside their loan books,” Investorist CEO and founder Jon Ellis said.
Ellis said the funding options were created specially to service foreign investors who have been locked out from lending through the various Australian financial institutions in recent months.
“This new fund is set to be a game changer, particularly in the new build property market which attracts large numbers of non-resident buyers. It does give customers the opportunity to ‘bypass the banks’ and source finance at very competitive interest rates. Many hard working foreign buyers, who satisfy all the same borrowing criteria as Australians as well as FIRB (Foreign Investment Review Board) rules, have been penalised by banks’ blanket lending restrictions applied to all non-residents,” Ellis said.
“The pent-up demand for this type of non-bank lending is high in China. We expected an enthusiastic response at our China Connection events, where hundreds of local agents are introduced to our developers’ projects – and it’s certainly proven to be true. Having a financing solution available to take to their Chinese buyers has added tremendous confidence to their decision making,” Tim Graham, Sales Director – Asia Pacific for Investorist told Elite Agent.
“Investorist has no management role or involvement at all in the fund. It is merely working with Lending HQ principals to introduce the loan products to the thousands of active users of the Investorist marketplace, both network partners such as real estate agents, migration agents, financial advisors and sellers such developers and project marketers,” Graham said.
Graham said the primary target was initially for Chinese investors who wished to buy property in Australia as they had difficulty securing finance from Australian banks due to their non-resident lending policies, adding there was also strong interest from Malaysian and Singaporean investors.
“Developers, and agents looking to find lending solutions for their clients would deal directly with the fund operators. The operators of the fund can be as hands on with the customer as needed or can send through a list of applicant requirements for the agent to complete themselves, and then the fund operators do the rest,” added Graham.
Article Repost From – https://eliteagent-com-au.cdn.ampproject.org –