Hi Everybody
Are there lenders out there who will do a commercial loan on valuation not purchase price
and if not, what is the highest LVR i could get
on commercial finance?Can i have 2 people on title (husband and wife)but only show income from one as well as the rent to service the loan?
Answer 1: Yes but only if settlement occurs 12 months from the purchase date.
Answer 2: The highest LVR is 70%, though some banks go a bit higher (depending on risk, experience, etc).
Answer 3: I have been told that while banks like grantors they won’t approve the loan just because you have a grantor.
If your not doing it for this purpose I would highly suggst you place the asset in a trust, as you can channel funds to the lowest taxable income thgrough the trust, alos if you get sued you don’t losethe property.
While you could put both names on the title (the bank holds a first mortgage over the property, so they don’t care too much who holds the title), but I question your motivation for holding it in two people names… You limit the other persons borrowing capacity while providing very little legal protection…
Rgds.
Lucifer_au
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