Lender who loans to Trust-issues

Viewing 4 posts - 1 through 4 (of 4 total)

fullout
Member
@fullout
Join Date: 2003
Post Count: 233
January 18, 2004 - 9:56 am
Does anyone here take on a loan with their trust?
I am looking for a lender who will lend to my trust, by taking the property I am buying as security (without making me sign as a guarantor). I understand that when the trust first starts out, they will want u to be the guarantor.
DOes anyone know such a lender? DOes ANZ do that?
Which bank or lender does the best loan to a trust?
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melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
January 18, 2004 - 12:32 pm
fullout, why so concerned with being a guarantor?
For the first couple, you might just be better off doing it anyway.
Cheers
Mel
MichaelYardney
Participant
@michaelyardney
Join Date: 2001
Post Count: 616
January 18, 2004 - 2:18 pm
Lenders won’t lend to your trust as it is not a legal entity -they will lend to the trustee company, using the property as security. As the trustee is ususally a $2 company they will request you guarantee the loan unless you keep the loan to value ration under about 60%. This way they feel they have sufficient security and may not ask for a guarantee
Michael Yardney
Metropole Properties
http://www.metropole.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 19, 2004 - 1:40 am
I know of no lender that will not ask for a guarrantee.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au