Forum Replies Created
Hi Pete
Good for you both and if you have done your due diligence and the deal stacks up go for it.
With regards to finance dependant on the number of townhouses you are looking to construct on the block and the value of the total deal will determine amongst other things what Loan to Value the lender will go upto.
Financing a Commercial development is totally different to a small residential investment property and you need to consider many things before proceeding.
If you want to share a little more information we might be able to assist you further.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Exactly Terry
Scary sometimes isnt it that they let these guys out there on their own.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Robert would need to know more about the deal before i could comment further.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Anita
Jimi is an overseas resident not an Australian living abroad so the Anz Bank product would not be any use to him.
In saying if he was 95% + is available with a couple of other lenders.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Probably not. We have received so many enquiries since I launched this a week ago it is not funny.
Perhaps i might have let the cat out of the bag too early.
We are closing these deals at a couple a week and think I will restrict application to certain introducers only.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I think Anita is right but personally would want more than 3 Years experience from anyone i trusted my finances with.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
MCF
The Call Option Contract would have a draft purchase contract within the document which would normally be a cash unconditional contract with settlement of 30 days (Qld anyway).
Once the Option was exercised the nominated party would be entered into the contract as the purchaser and the purchase price would be the original price agreed with the Vendor.
For assigning the Option a fee would be charged and this would represent the profit.
The end purchaser would pay the Vendor the original sale amount.
Stamp duty would be paid on the Contract price which is the original sale amount although in certain States (not Qld) duty would also be payable on the Option Contract.
No licensed is required in Qld unless you are doing more than 6 a year when you would required to hold a Property Developers License.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Jessica,
Simon is as always bang on.
A MB gets paid a commission which varies dependant on the loan size. Regretfully as in every industry there are Brokers out there who will refinance your loan just to earn a commission.In saying all of this a good Broker can analyse your position and suggest ways of structuring your loans that will benefit you now and in the future and map out a pathway for your future investing.
They can look at ways of saving you money through a variety of products and have access to many more lenders and options than 1 Bank alone would have.
Just make sure you get all of the facts before proceeding in a refinance for refinancing sake.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yes it possible and a few banks offer it.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
mjblue
85% maybe possible at a reasonable rate.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Firstly we don’t do wrap deals with Bankrupts. Ex Bankrupts certainly.
A Bankrupt is unable to enter into such a transaction and if you do you are putting your security at risk.
Secondly the property is not co-insured it is insured having being sold under an instalment terms.
I would bee looking for a new buyer.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Just to correct MCF
Stamp Duty is only payable once the contract becomes unconditional. In certain States on Oz duty is payable on the Option Contract.
With a Call Option you have the right but not the obligation to enter into the Purchase Contract and therefore the person / entity nominated to purchase the property will be the one liable for stamp duty.
You find a property, and instead of signing a contract or sale, you buy an option over the property. ie sign an option contract. This contract probably allows you to assign the option. Is this correct?
You then go and find someone who wants to buy the property. You then get them to sign a constract of sale with the original vendor. They don’t see your price as you have not signed this contract. Your option contract would have the price at which you could buy the property for. Since your option contract allows reassignment, you tell the orignal vendor you have assigned the option to Mr X, and Mr X will be the one signing the contract of sale.
In essence Terry thats correct.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Jimi
With apologies. Slipped into a bit of Aussie slang comes of being here for 13 years.
LVR- Loan to Valuation Ratio
FIRB – Foreign Investment Review Boardhttp://www.firb.gov.au/content/default.asp
This link may help you a little.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Blueeyes
I very much doubt your existing lender will want to retain the loan if according to their servcing criteria you are unable to demonstrate satisfactory income proof.
As Terry suggested a NODOC loan maybe the way to go as it sounds like you will have ample equity in the property.
Never give up where there is a will there is a way.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Terry is correct.
Most financiers will not be too worried where the balance of the funds to complete come from.
If it is a loan and you are being charged interest on it each month then it would become a liability but it would not have to go on the purchase contract.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Most Commercial properties i finance are purchased in Trust or through a Pty Ltd structure.
What is it you are looking to finance.
If you want to float some of the details we can give you some ideas.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I have personally done transaction over $10M in Transfer by Directions and over the same again using Call and Put Options.
I can guarantee you in Qld it would be illegal.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Assuming it was a full doc deal you would probably get 0.8% off the standard variable rate.
Also probably get all fees waived.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
Don’t want to be the bearer of bad news but local developers have certainly found Toorbul and Donnybrook.Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Exactly my point Terry.
Also believe you have a duty of care to disclose certain facts.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
