Another business query :(

Viewing 10 posts - 1 through 10 (of 10 total)

grumblepie
Participant
@grumblepie
Join Date: 2013
Post Count: 8
August 27, 2014 - 2:41 pm
Can anyone help me with a problem I have? I started a business 8months back I still work full time and work in the business on weekends and late at nights. At the moment I make about $450 profit a week with the business. I want to invest in property through the company as I have a deposit saved up but Ive been reading that it is impossible unless you have been operating for 2 years no matter how consistent your work/sales are. Is there a way around this or a banking institute that has better requirements?
TheFinanceShop
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@thefinanceshop
Join Date: 2012
Post Count: 1,271
August 27, 2014 - 4:54 pm
What is the LVR?
TheFinanceShop | Elite Property Finance
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Corie
Participant
@corie
Join Date: 2009
Post Count: 113
August 27, 2014 - 4:56 pm
Find a vendor finance opportunity!
grumblepie
Participant
@grumblepie
Join Date: 2013
Post Count: 8
August 27, 2014 - 5:10 pm
Finance shop: it would be under 80% lvr but by the time it came close to settlement probably sub75%
Corie: that was another option I had been considering Im having trouble finding a suitable Vf property what’s a good way of finding them?
TheFinanceShop
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@thefinanceshop
Join Date: 2012
Post Count: 1,271
August 27, 2014 - 5:41 pm
What you need is lo doc 80% no LMI – i.e. RAMS.
TheFinanceShop | Elite Property Finance
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Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
August 27, 2014 - 11:06 pm
Might be able to do it a full doc name in the Company name being sub 80% lvr.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
August 28, 2014 - 9:12 am
Hi Grumblepie
Are you saying you want to quit PAYG work and rely on business income to borrow?
If you’re continuing in your PAYG role and working the business at the same time – you could still put up an application using your PAYG employment.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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grumblepie
Participant
@grumblepie
Join Date: 2013
Post Count: 8
August 30, 2014 - 9:28 am
Hi Jamie. I work in a full time job and use that salary for living expenses and my property portfolio I started the business originally as a get a bit of extra money to pay down my loans it took off bigger than I expected. So would I be able to use both payg from my full time job And the business and the profit from the business to buy in the company’s name or just the latter two? Also do full or low doc loans offer a offset account ability?
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
August 30, 2014 - 9:05 pm
Yes gumblepie both lodoc and full doc loans can come with an offset account.
Don’t see a problem financing a deal the way you want to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
August 31, 2014 - 5:12 pm
Not a very good idea to invest in property in a company and certainly not a trading company. You could easily lose the property.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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