AFO will only lend against real estate. The combined Loan to Value Ratio (LVR) for all funds advanced must be no greater than 80%.
The maximum loan term is 12 months with possible option to renew for additional term of 12 months.
Yes, the arrangement fee can be added to the loan.
The minimum loan amount AFO will advance is $25,000. The maximum loan amount is $1,000,000.
No fees are incurred during the application process. Once the loan has been approved the applicant will be responsible for the cost of an appraisal.
All third party out-of-pocket costs and expenses incurred by AFO in establishing and operating this loan, plus the Arrangement Fee, are for the account of the Borrower.
This allows AFO 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 clients.
AFO will insist that independent legal advice is obtained, which is to protect both the borrower and the lender.
Once the complete application has been received, a verbal approval can be given over the phone. A formal Letter of Offer is generally provided within 48 hours. The speed and accuracy of the information provided will greatly affect the time it takes to settle a loan. AFO aims to settle loans in the shortest practical time.
To extend the loan for an additional term, another arrangement fee will be applicable.
Yes, as long as the underlying value is in the real estate to be mortgaged.