Forum Replies Created
Andrew
What do yu need to know?
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Yes it is Ozi.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Andrew
1) How do I get around cross collateralisation?
A – Draw down from one property and use this as deposit for the next. Even if use the same lender it does not matter but maks sure they loans are Not “X” ed.
2) Whats an all monies clause (i have one in my loan contract)
A – ALL MONIES CLAUSE
These have the same effect as the Title of Goods clause, but also retain title in goods that has been supplied under invoices that have been paid. Suppliers will be able to collect any of their goods if there is any current debt, regardless of whether the debts relates to the good collected. The clause provides that title to any goods supplied does not pass until all of the indebtedness has been paid.These clauses usually are unregistered charges and have some difficulty being enforced against insolvency practitioners under the Corporations Act. Suppliers also have a problem when the customer reduces their indebtedness to nil at any time. If at any time the customer has paid all outstanding bills, title in all of the goods will pass to the customer. If the supplier attempts to collect goods under later unpaid invoices, they will have to identify the actual goods supplied under those later unpaid invoices. They cannot collect the earlier goods.
Maybe not a good example in relation to your loan contract but i think you will get the drift.
3) My IP is unencumbered. Im not sure what this means in terms of borrowing more money.
A – Bloody wonderful. Means you have a lot of equity available for your new Ip purchases. Just structure carefully.
Lastly is there anyone out there that can point me in the direction of an interest only loan where I have access to extra payments I make.
A – I would never suggest it. Structure it with an offset account then you have the best of both worlds. Don’t get this confused with a LOC as the redraw of funds may cause you a problem when it comes to make a claim on the redrawn interest.
If in doubt approach a independant mortgage broker and get them to review your position.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
And in some cases LMI irrespective of the LVR.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Purchased a 4 unit multi unit dwelling and a single family dwelling on the beach front in San Juan Capsitrano, California in 1985 with my sister whilst living in the UK.
In 20 years the property has gone up over 20 fold
We still own the property and have set up a HELOC against it for additional purchases.
So Yes I also do my homework.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
All sounds good Nigel.
May i ask how many properties you own in the USA?
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Cameron
I must admit I wasn’t aware that they now lent to Australian individuals.
I was under the impression that they only lent to USA entities.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
I guess it all depends on what you are after from your lender.
Whether you want bells and whistles or whether you just want a cheap rate and no other product or service.
Don’t forget if your Bank arent playing ball there are plenty of other Banks keen for your business with plent of flexibility and a wide array of products.
Many of the Professional type plans can save you both fees and interest rate and you get all of the other services a typical bank can offer i.e offset a/c / credit card / ete etc.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
I agree Henry.
No point in having the best structure in the world if you cant borrow enough money to actually complete a deal.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Krismoos
You don’t need to be a member to obtain a House & Land Contract from the REIQ you just pay a different rate.
I assume you will be using the 5th Edition.
I have the blank Non Member contracts on my computer but as the are all key locked i cannot email you one.
Happy to fax you one with all relevant pages if that is any good to you.
Let me now if you want one.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Mark
80% lodoc is available without mortgage insurance at a competitive interest rate.
The lender pays for the premium.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Sorry do i read that correctly you are paying nearly $10K for someone to organise for your your finance, conveyancing costs, depreciation schedules and a bit of financial planning.
This doesnt cover the stamp duty x 2 or search etc.
You have to having us on.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Not sure about Victoria but in Qld it is finance on acceptable to terms to the purchaser.
If I arranged her finance at 11% and then turned around and said well you have finance that would be unreasonable.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Yes
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Henry
It is as we discussed by email.
80% max LVR on a Company lodoc which has been established for 2 years or more. 70% otherwise.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
As one who transacts a reasonable number of commercial applications i agree with Simon that many Commericla Brokers find that they do a lot of work only to find that the client decides not to proceed for some reason or another.
The other reason is often the client has approached his own Banker who tells him that he is unable to assist. When the Broker arranges a Letter of Offer from an alternative lender the client uses the Letter of Offer as leverage to his original Bank who 9/10 times change their policy to accomadate the loan.
The Broker looses out.
For some bigger JV deals involving many millions of dollars the time spent can be vast.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Lisa
Just to correct a point you made about CPC.
“the main lender C.P.C will not have anything to do with aussie investors”CPC is not the main lender in NY State by any means and is in fact a minor player who only lends to US entities. Hence any application must be in a LLC name and not the personal name of an Aussie Investor.
CPC whilst not having a minimum loan prefers applications due to its cost structure in excess of $125k USD.
CPC requires 3 separate evaluations an appraisal an engineering report and an environmental report on each property irrespective of the size which obviosuly for the smaller multi unit dwellings get rather expensive.
Finally as part of their prepay conditions CPC requires between 6 months and 2 years interest to be escrowed.
I have financed many a bigger project with Tish at CPC and never had a problem although the problems come when an investor tries to finance 3 /4 smaller dwellings as the reports often indicate structural problems in some cases with the properties.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
One of my best deals was one of my first deals.
Bought a 4 unit complex and a single family dwelling on the beach front in San Juan Capistrano, California in 1985 for USD$ 122,000 the pair.
Bought jointly with my sister when i lived in the UK and only purchased as my auntie lived next door to the property. Our US Bank valued the 2 at well over USD$3.6 Million and we get approached by developers daily.
Time to gear up and buy some more US property I feel.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Might like to try someone like Wizard or Resi both operate a lodoc 80 scheme
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Which suburb?
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
