As I have mentioned in other home loan pages RESIMAC, REDZED, LIBERTY, LATROBE are four major private lenders who have risk fee to factor bad credit full doc, low doc and no doc loans up to 90% LVR depending on the location and type of your property.
Always plan 6 months ahead when you plan to refinance your property for cash out and reducing monthly commitments to free up cash. Lender may accept one miss payment or late payment on mortgage when they refinance might cost you a fortune for the life of the loan. Similarly up to $500-$1000 telco or store card defaults will be ignored immediately if they were paid showing in the credit file. As you understand I am talking about private lending where a bank or credit union systems cannot approve a loan having any default on the credit file no matter how small it is. There might be manual ways to approve things which some subsidiary banks of major banks may adopted by explanations from borrowers.
Anyways people’s bankruptcy may be over for 2-3 years when they come back in life with stable source of income with growing equity. Private lenders will accept them earlier into the property market even to buy new home or construct one. Old paid defaults with insignificant amount usually do not bother a private lender in term of approval of loan but each default will keep factoring increase in interest rate and lending costs like risk fee might restrict the maximum LVR and maximum cash out. They will accept up to a number with amount when unpaid. Lenders may help to pay off unpaid defaults which people usually declare in their loan applications to have it approved. They never ask for statements for any loan other than home loans, equipment loans but they might able to ask for reference from existing loans if they had agreements like banks association.
Their are agencies who might help to fix credit which I discussed in other page. I must say lenders are not always fair or accurate about maintaining the system to put someone in default. Sometimes they have faults, ignorance, recklessness.
A private lenders can use their capital for loans those may not done by regulated loans by consumer credit code. Residential loan can't actually allow money for business needs because business loans have different policies. In the equipment finance page I have discussed about projected cash flow of business, invoice finance, business plan for startup funding or project funding. Private lenders can factor a residential property to help a business which a traditional refinance of home loan might not cover.
Including Latrobe financials there are some private lenders and business angels (private funds) will accept commercial properties for loans like first mortgage, second mortgage and caveat loans. They have both short term and long term options vary from 1-5 years or more.
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