Okay throwing a few ideas around and thinking of selling everything, businesses, cars, furniture, properties and moving overseas but would like to hold two properties.
The two I would hold are quite prime and will eventually be developed.
they pull over $50k nett
there worth over $1m
how much could I borrow from the bank, 60-70-80% LVR??
remember I won't be in Au so this loan needs to be based on the rent received.
it does not bother me if the rent goes direct to the bank every week month, if there is ever a shortfall I would cover it, however, there would never be a shortfall.
obviously I will basically be starting from scratch in the new country and will need this loan to be no doc as I will not have a income.
you may wonder how I survive, that's easy I use savings and start generating business and making money.
can it be done?
what would the LVR be?
and I would only be willing to pay the current fixed rates under 5%
based on rent only, probably 65% LVR with a rate of around 8.14% for a commercial property
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
Are working overseas because overseas income can be used (even if you are self employed overseas).
LVR would be dependent on a number of factors. Also are you purchasing the properties or do you current own the properties?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks Terry, 8% would be to high, I would only pay upto 5%.
I would have thought someone putting up 35% cash equity would be better than some one only putting up only 10 or 20%
Details as supplied above Shahin, I own the properties and the company overseas would be new with no history to start with, loan needs to be based only on rent income currently recieved.
If you own the properties are you wanting cash out? Do you have existing loans on them?
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
No cash out. I can put cash in if required, currently 75%
So why do you want to refinance?
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
Had enough of my bank, everything is to slow for me and holds me up from getting further ahead, every day they take is another day I loose and when I ask for something simple which just requires the push of a button they ask me to jump through hoops, after paying them hundreds of thousands in interest I would have expected better service
Would have thought the LVR and interest rate would be competitive and somewhere in the 5's.
You don't actually mention the properties are Commercial but if they are there are a few lenders who will do a deal solely based on the rent received.
Course more information would be needed to make a further recommendation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard. Semi commercial/residential, solid investments and always occupied, I have had them financed under resi and com.
So do you think if I have 25% solid equity in the properties, that there are some banks that would finance the deal based on my original post?
Yes i do but they are going to charge normal com application fees, charges and val fees to set up.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
How about running it under residential? zoning is resi
Depends on what the valuer states.
If it ha a commercial lease then No wont fly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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