Hi,
A little background info: Me and my brother (slodki) want to get into some property investing o’seas in NZ. We realise it will be difficult for us to get a loan, but we are confident that we are able to make the full repayments. No doubt most banks wont agree so is there a way to use our dad as a “backup”? I’m not certain of the correct term for this (or if there even is a term for this) but basically he would act as security for the bank, in case of any curcumstances that may arise.Will this help with getting a loan, any info will be appreciated.
Hi mslodyczka,
it will very much help to get a loan by using your dad as security. ask you brother about this as he posted some questions in th past two weeks and had them answered on here.
Kind Regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Yea,
Im actually in the process of contacting brokers etc. to get a see what the chances are. So far, with my income alone, it wont be possible. One option is to go into partership etc.
We’ll see how that goes.
Would my dad have to become a partner to be used as security? Or is there some other way? Sorry if the question is confusing.
No the answer is that you dad does not have to become a partner (always seek legal advice first) – its all in the contract.
You can get your dad to put the house up for security or put his name to get the loan, then later re-finance to put the loan under your own name. But seek legal advice first.
If your dad wants to see you succeed and succeed well, he might not say,
“Well – what’s in it for me?” – depends on your father.
hope this helps
Kind regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Thanks for the info geo, much appreciated
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