Forum Replies Created
Used Balmain for commercial deals on many ocassions and in their place they have a niche.
In saying that the secondary tier banks have expanded their commercial lending products and are more comptitive overall.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
rzech
100% loan may even be possible dependant on the actual value of the property. You mention the price that you are able to buy the property but not the actual valuation.
A couple of lenders i am aware of will lend against valuation and not purchase price to that maybe possible.
Also why not make the Contract conditional upon the seller repaying your brothers personal loan and credit cards.
Without knowing more details on the property it is difficult to advise further but 75% LVR on a lodoc basis shouldnt be too out of the question if everything else is right.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Mary
Yes Vendor Finance is common practise and dependant on where in Qld many agents should be aware of it.
Could someone please help me clarify the following questions:
1. Since we are settling in 35 days, is it correct that we get
the deeds and basically take control of the property at that point, despite the vendor still having money in the deal?
Yes the title is Transferred to you on settlement asyour Bank will require first mortgage against the property. Make sure the Vendor understands that his mortgage / caveat will not have priority2. What kind of documents will we need to present to the vendor to
satisfy him on when and how he will receive the outstanding $170k? Your purchase contract will set out the terms of the vendor finance, the amount, the term and the rate payable..
3. Does anyone have a template for this kind of document? Your Qld Solicitor should as i say it is common and i have done lots of them.
4. Am I right that we can initiate the strata-titling process as soon as we have settled? You can start an application to strata title the property once you are the registered owner. Why not make it a condition that you can prepare the application for strata titling during the 35 day settlement period and get it lodged prior to taking ownership.Just make sure your financier is happy with a registered 2nd mortgage and from what i understand it is a block of units or subdividable block you are referring to so therefore maybe using comemrcial or development funding dependant on the size.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Happy to explore the possibilites further for him.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
asdf
I agree with you Sept future provide a adequate indicate of future rate moves. As an ex Bond broker I now that the Banks play these little games and capitalise on unsuspecting members of the borrowing public in times like this.
Whilst Bernanke has warned about concerns over the size of the
deficit and the continuing high petrol prices these in turn will act as a dampner for consumer spending and hopefully will keep inflation and additional rate increases in check for the time being.Unless you are riddled with debt or concerned stay variable folks.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I am with Cameron and would suggest a 100% standalone loan rather than a family guarantee especially if you are having to use your mothers equity when buying with a friend.
Might be slightly different if it was a girlfriend or partner but i would be loathed to have my mother security up for grabs for a mate.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Jamie
Don’t like to pat myself on the back too much but i have many clients on the Gold Coast and come down at least once a fortnight.
Happy to pop down the highway from the big smoke to catch up for a coffee and discuss matters.
Let me know.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Kiwi
Hate to say you could not do it that way.
You choice is that you either settle on the low price pay the stamp duty and the have a new contract for a higher price which your buyer signs and then he will not be able to find out what you paid for the property or you exercise a Put & Call Option and get him to sign the original contract.
No Vendors Lawyer worth his salt is going to increase the original purchase price and pay you a cut of the sale proceeds unless you have an agreement with the Seller that you will receive a commission on the sale. Dangerous ground as you may need to be licensed depandant on the particual State you are operating in.
If this is the case then why would the original Seller not increase the price and sell it a higher figure.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Gary
I have never done it in NZ but have done it in Brisbane over 30 times and it isn’t that difficult.
After you have your Contract Terms reflect that you are able to Strata the block at your expense and the Vendor agree to sign any application to the relevant Council you are up and running.
Make sure the Contract makes provision for who is responsible for the additional costs once the building has been strata titled such as Insurance, rates and body corporate if this applicable.
Legally it is a breeze.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Why not start slowly and grow with what you have.
If you are starting out why not look at a simple Trust Structure with you as a Individual Trustee.
If you start accumalating properties then by all means look at replacing the Trustee with a Corproate Trustee but i would not suggest that you go to that expense for a single property.
A Trust will give you the benefits of Asset protection as well as being able to distribute your income to the beneficiaries and reduce your Tax Liability.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Cameron
Indeed it is interesting to see that.
Wonder if we have a 25 basis point increase in store next Wednesday?Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I have been involved in wrapping, vendor finance and property investment in Qld for some 10 years prior to moving over from the UK.
Retired at 39 but am now back in the workforce after 18 months of getting bored at home and playing golf every day (it is in’t as much fun as it sounds). I run my own finance brokerage do a few property developments each year and spend a lot of time helping clients.
Happy for you to bounce off as many questions as you would both like as i currently mentor around a dozen clients all of whom are progressing in their property acquisitions.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Cameron
Firstly welcome to Oz. I made the move from Pommy land in 1993 and have never looked backed.
Terry is right for a standard NODOC deal you will require a 30% deposit however in saying this if you are looking to venture into property development a few specialist lenders offer lodoc development funding.
Each deal on its own merits but happy to provide additional information if needed.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
If all other factors remain equal an in principal decision by that time is possible.
There are a lot more pieces of information one would need before i could guarantee you an approval.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
squeaker
Whilst an ITIN will be a requirement for doing business in the USA it is not a requirement to obtain a FN loan.
In fact it is not even a request on a standard 1003 Fannie May Application Form.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
You do not require a SSN to obtain finance in the US.
As for a higher rate of interest then that is not quiet right. The choice of lenders certainly is a lot less limited as a FN however finance is still achieveable at a sensible rate and terms.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Steve.
No 60% is not the norm although if they are tough on vals appears the true LVR is less than 60%.
We deal with many Commercial lenders all depending on what type of property you are looking to finance and the strengths and weaknesses of the deal.
If it is strong application we have a couple of lenders that now go to 85% LVR.
Hard to make a recommendation on such limited information.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
vyaw
Ok thanks for the slight clarification.
If both are non tax dedeductible why not combine the loans into 1 and negotiate a better interest rate. A 0.5% saving would save you $1000 PA off the interest and would reduce the term of the loans no end.
Establish a 100% offset and link this to the loan and divert all of your funds into this account.
An alternative subject to the Stamp Duty and CGT considerations why not sell one of the IP’s to a Trust and borrow the full $200K and then repay the entire non tax deductible debt and have the full $200K interest as a claimable expense.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I am with Colin on this one i would be very careful.
Super Funds are certainly not able to borrow and the use of JV’s with Unit trust or the like will be treading on very thin ice.
A Wrap could be a long term investment and if you nned to change things you would need the consent of your purchaser which may not be so forthcoming.
I have purchased a couple of properties and wrapped them in my SMSF but on each and every ocassion only ever paid cash for the properties.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
We use the Australian Reserve Bank Cash Rate + Margin.
Rate is currently 5.50% and is easy to track. http://www.rba.gov.au
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
