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  • Profile photo of Richard TaylorRichard Taylor
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    January 9, 2008 - 10:37 pm

    Cash sounds like the way to go.

    Richard Taylor | Australia's leading private lender

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    January 9, 2008 - 8:08 am

    John

    Dave defination will get you by.

    You would not buy a business, development or cash flow positive property in a HDT.

    Richard Taylor | Australia's leading private lender

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    January 9, 2008 - 4:43 am

    Dave

    It is viewed as an HDT because that what it is.
    They have just had their Solicitors re-writte the Trust document with changes specific to property investor.
    There is nothing new there.

    We have never had problems in placing a loan in any form of Trust at a competitive interest rate.

    Richard Taylor | Australia's leading private lender

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    January 9, 2008 - 4:32 am

    No Trust lending is no problems.

    In saying that John I imagine you were using a Discretionary Family Trust if you were buying and selling.

    The original question relates to a Hybrid Discretionary Trust where certainly you would have problems with a lot of lenders.

    Richard Taylor | Australia's leading private lender

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    January 9, 2008 - 3:16 am

    My point exactly.

    With Anz on lodoc > 60% LVR.

    Richard Taylor | Australia's leading private lender

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    January 9, 2008 - 2:10 am

    Jaffa

    What is the size of the property in Sq M ?

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    January 9, 2008 - 1:23 am

    Jaffa

    What is the size of the property in Sq M ?

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    January 9, 2008 - 1:21 am

    Jon

    Got your message and no problems mate easy mistake to make.

    As a large introducer to both Anz and SGB i thought i knew my product and the fact that the Qld State Manager is my best mate helps.

    Just to clarify i didnt say SGB would not do a lodoc under Trust what i said it wasnt included in their Pro Package.

    Big difference.

    Lodoc lending in a Pro pack in Trust you would get circa an 8% interest rate.

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    January 9, 2008 - 1:18 am

    SNM

    I think there must be more to this than meets the eye.
    Me thinks it is more in the presentation than the fact.

    Maybe the declared to the Bank that the funds where to be used for a specific purpose which they didnt like.

    All in all it shouldnt have been declined.

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    January 8, 2008 - 1:17 pm

    Jaffa

    At that purchase price i can only assume the property is small in size.

    Sorry but i think if you are after a lodoc loan for $24K you will struggle especially at anything near an interest in single figures.

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    January 8, 2008 - 1:01 pm

    Ok couple more questions:

    1) What is the purchase price.
    2) How much deposit would you have. Regretfully you wouldn't get LMI so max LVR would be 80% on a standalone basis.
    3) Can we substantiate income
    4) Where is the property located.

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    January 8, 2008 - 12:16 pm

    Jaffa

    Business 1 is a broad zoning. Tell us more about it and i might be able to help.

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    January 8, 2008 - 10:43 am

    Hi Shaun

    Thats where the problem lies.

    You will be unable to access the equity in the properties with the present lender as the loans are fixed and no lender will take a
    2nd mortgage on a X collateralised loan.

    Nodoc / lodoc is not an available option due to the lack of accessible equity.

    Sure feel free to call me tomorrow afternoon as i will be in all of PM.

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    January 8, 2008 - 10:27 am

    Shaun

    What is the market valuation of the 2 properties ?

    Sounds like the existing rates are fixed rate products that is where your problem will be unless you have cash for a deposit on the next one.

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    January 8, 2008 - 9:52 am

    Hi Shaun

    I did call you back so hopefully you got my message.

    Email me a bit more of a breakdown and I can come back to you.

    Unfortunately borrowing in Trust does not allow you to borrow more and i think Steve has clarified this point on a couple of ocassions. But for Asset protection and income distrubution, tax planning etc they are a must.

    Still trying to figure our your Accountant suggested you put a + geared property in your own name.

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    January 8, 2008 - 9:51 am

    Hi Shaun

    I did call you back so hopefully you got my message.

    Email me a bit more of a breakdown and I can come back to you.

    Unfortunately borrowing in Trust does not allow you to borrow more and i think Steve has clarified this point on a couple of ocassions. But for Asset protection and income distrubution, tax planning etc they are a must.

    Still trying to figure our your Accountant suggested you put a + geared property in your own name.

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    January 8, 2008 - 9:44 am

    Chris

    Sounds good.

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    January 8, 2008 - 9:27 am

    SNM

    If it is a Personal loan then why are mortgage insurers involved.

    Sounds like there is more to meet the eye on this one that first seems. Has he been rejected by both of the main MI companies.

    If the loan has been placed with a securitised lender then LMI is applicable even if the LVR is 50%.

    Sounds to me like the Broker has no idea on what he is doing.

    Has it been done Lodoc or can he support the borrowing.

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    January 8, 2008 - 9:24 am

    Chris

    As it is a fairly short term loan it would be development style loan so interest rate would be commercial nature.

    With everything to hand you would get funding in 30 days. Fees charges interest rate being Nodoc would depend on the valuation which i would need to see the contract first to give you an indication.

    Email me what you have and I can come back to you with some rough figures at this stage.

    Would also need Company constitution and certified ID for each Director.

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    January 8, 2008 - 8:57 am

    Chris

    I cant see a problem with a Nodoc land loan subject to the contract and valuation details.

    Presumably the Contract reflects your deposit paid etc ?

    Why has the purchase price not yet been agreed.

    Richard Taylor | Australia's leading private lender

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