Question…1
What is the banks position on wrapping…they hold a mortgage over the property you are wrapping???Question…2
You have wrapped a property to a family and taken there 10% deposit, and there $210 per week for the last 3 years,the property value has gone up 10%, then the man looses his job, been in his 40s he cannot fined a new one,so they go bankrupt and then the administrator wonts to sell the property to get back some moneys to clear some of there debts,where do you stand in all of this???Hi Davlyn,
Welcome to the Property Investing.com community and thank-you for your post.
In respect to your questions…
Q1 – Banks and wrapping
You’d have to ask the bank yourself, although I suspect that since I started my wrap empire the dynamics have changed. One of the big banks lent me $0.5m and then changed their policy once I’d maxed out.
Nevertheless there are lenders out there who will source and write vendor finance loans on a full disclosure basis. You just have to find them.
The loan market is such that all tastes are catered for. Just because a big bank does / does not offer a certain type of facility isn’t sufficient to make a judgement on its legitimacy since banks are very anal when it comes to actually ever taking a risk.
Q2- Case study
Wow that’s quite a lot of info in one small paragraph. I’m happy to provide my opinion, but before I do I’d like to see you try to work out what you would think might happen and what you can do to steer the outcome in the direction that you want.
Just make a reply to this post and I’ll get back to you soon.
Regards,
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
steve.
OK lets see..first i would try to do some sort of deal with the administrator wher i payed out say 75% of what thay had payed me and ripup the contract,apart from that i just dont know.
HelpDavlyn,
I might be able to give you some help with a lender who does full disclosure.
Drop me a line at [email protected]
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith
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