Hi everyone,
I have successfully bought, renovated and sold several properties. My question is whereabouts do I find private funding that would fund the 20% deposit and closing costs that would allow me to complete more that one project at a time. I have read on this forum about using money partners but where are they? I would also be very interested to hear from anybody who utilizes private funding in conjunction with traditional finance and perhaps you could post a quick outline of how it works for your investing.
All the best,
Alastair
You just need to approach some personal friends or relatives, accountants etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I need one also. I have funds coming in 2009 and I am prepared to pay interest on the private funding of up to 11%. which the private lender will make a cool app.$230,000 in less than 2 years. I can not find any one – and I have a solid contract that backs up the incoming money. (property sold under terms contract)
I have a client that is borrowing funds from a person's superfund. Don't know if this is lawful still. He is paying 15% pa.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
How does this funding differ from caveat loans/second mortgages or are they the same thing. Would you possibly be able to list some accountants that specialize in this field?
Caveat loans generally a very expensive – they are meant as short term loans and and rate range from 4% to 10% per month. Commercial second mortgages are around 20%- 30% pa and they still want an LVR of 80% or less usually.
Not sure what you mean by accountants who specialise? Your accountant may be able to help you find someone, but they would probably be reluctant to do so in case something goes wrong. If you mean help in setting it up, you would probably be better off to use a solicitor to do the loan agreements etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I pay 14-18% interest (depending on the amount and the period of investment).
PM me for detailsI have over $1 million dollars out on 2nd mortgages and caveat loans from my sellf managed super fund. I consider each matter on a case by case basis and am always happy to consider proposals from forum members. Just email the details and I can let you know whether I am interested.
Richard Taylor | Australia's leading private lender
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