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  • Profile photo of CarlitoCarlito
    Participant
    @carlito
    Join Date: 2010
    Post Count: 31
    February 26, 2010 - 7:44 am

    Thanks Richard & Terryw

    Can you explain to me what a Nodoc Commerical Loan is and how I would go about taking one out? I've never heard of it before

    And how can I get my commerical property to sercure itself? Can this be done now or further down the track.

    Carlito

    Thankyou guys once again for your assistance

    Profile photo of CarlitoCarlito
    Participant
    @carlito
    Join Date: 2010
    Post Count: 31
    February 26, 2010 - 5:51 am

    Thanks Richard.

    That makes more sence. 

    If I'm using my PPOR as security for the commerical property is this a problem? Or should I've done it a different way?

    Carlito

    Profile photo of CarlitoCarlito
    Participant
    @carlito
    Join Date: 2010
    Post Count: 31
    February 26, 2010 - 5:40 am

    Hi Terryw,

    What would you do in my situation? Am I correct in saying that the most i can get for a LOC is $246,000?

    I would like to borrow about 350,000 for my next IP but can I do this without CC my loans? LOC is only at $246,000 (if that's correct)

    I just want my loan structure correct going forward. 

    Carlito

    Profile photo of CarlitoCarlito
    Participant
    @carlito
    Join Date: 2010
    Post Count: 31
    February 26, 2010 - 4:13 am

    Thankyou for your advice guys.

    Duckster I understand what your saying but shouldn't you take of the $300,000 loan also into account which is still owing?

    Like your comments above 700,000 LVR of 80% = $560,000 but then should you deduct the $314,000?? (14,000 & $300,000) which leaves a LOC of 246,000??

    Sorry but i'm just trying to get a better understanding as it's all new to me.

    Your comments would be much appreciated

    Carlito

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