Forum Replies Created

Viewing 20 posts - 11,361 through 11,380 (of 11,968 total)
1 … 565 566 567 568 569 570 571 572 573 … 599
  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 11:06 pm

    Straight from the horses mouth.

    David Devine and I play golf together at RQ and have done for over 6 years.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 9:59 pm

    Why not consider wrapping it.

    The instalment repayments on say $135K are not that much more that the gross rent for a tenant although you are increasing your case flow.

    There is nothing to stop you utilising the equity in the properties for a nother project and then wrapping them.

    You might even find that the existing tenants would be interested.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 9:41 pm

    GR is right lodoc and nodoc loans have a place but often clients assume thats what they need when a good broker can often find a lender to take the deal without paying a higher rate of interest.

    This day and age interest rates and conditions on these type of products can vary considerably.

    You are required to retain your business records for 7 years in any State of Oz so do think about whether you really need this type of loan before taking the plunge.

    Consult with a good independant mortgage broker and make sure you tell him everything about your current position now and what you wish to achieve in the future.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 1:07 pm

    Ron

    Merryl Lynch provide the wholesale funding for First Perm.

    The normal Devine homes 100% lend is done through a development guarantee where Bank SA who are owned by SGB fund the loan on the basis that the Devine offer a CD based on a percentage of the loan book.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 7:52 am

    Jim

    First Permanent is owned by Devine Homes a good old local Brisbane company.

    They are the pioneers of the no deposit home loan where they even pay your stamp duty and all of your legals where you build a home through then.

    The fact that the want you to refinance asap would have nothing to do with the fact they have a considerable cash bond tied up with Bank SA (now owned by St George) guaranteeing the loan which they would like you to release.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 6:56 am

    Phana

    PP is correct in Qld always make your contract “subject to finance”.

    Whilst, at long last we have the “Cooling Off Period” in Qld some agents / vendors will try and get you to get your Lawyers to waive this.

    Remember if you cancel a contract by using the Cooling Off period there is a 0.25% penalty.

    Don’t rush into things even if you have got your finance pre-approved make it STF.
    It is another out of the contract if the terms are unsatifactory to you.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 6:11 am

    Ozi

    You can always consider a US Tax Lien as a return on your investment.

    I am working on a short publication which may assist buyers in this area. Will post as soon as it has been completed.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 6:08 am

    If it was Qld i could tell you in a flash.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 6:07 am

    Hi lalonga

    What do you think each unit in its current State would fetch assuming they were strate titled.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 6:01 am

    Hi Pkluge

    I am based in Western Suburbs of Brissie and have finance many of the single bedroom units in Brisbane CBD and surrounds.

    Also i finished developing 24 1 bedroom units in Taringa at the start of the year and can give you some feedback on price v yield.

    If you want to email me the address i can give you an honest opinion.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 5:56 am

    Clea

    I am based in Western Suburbs of Brissie. If you want to email me the suburb and estate i can give you an honest opinion of what i think of the area.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 5:49 am

    Which State are you in and which State are you looking in?

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2005 - 5:47 am

    Hi Kyles

    First think i would do is talk to an independant mortgage broker and make sure what the Bank telling you is:

    A) Do able and affordable.
    B) Your limit.

    Rent is dead money – sure but then so is not tax deductible interest, however unfortunately we all have to have somewhere to live.

    Subject to serviceability you maybe be able to consider both but in not such a grand style.

    With your savings pattern it appears you can put the money away well. Remember that with an IP you, the tenant and the Tax man pays the interest and there are also other non cash deductions to be able to claim.

    Structure them both and you could have the best of both worlds.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 10:39 am

    Jim

    Would you like to expand a little further on what you refer to as a No Doc loan. Do you mean a loan with no income documentation ?

    I assume that First Permanent HL requested proof of earnings?

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 12:28 am

    Phana

    Be very careful on the South Side of Brissie at the moment as many vendors are trying to get purchasers to offer non refundable deposits on the moment with a view to capitalising on the current prices.

    Usual recommendation “If it looks too good to be true it is probably is just that”.

    Happy to crunch some number for you if you want to take this off line and email me.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 12:22 am

    Brizza

    Most lending institutions would treat it as a development loan and therfore lend against Gross Realisation.

    We often do developments where we may borrow 100% of the purchase price and then ongoing construction or developments costs subject to end value.

    Sometimes the Bank will want you to put in your “hurt Money” first but that all depends on other equity or experience.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 12:18 am

    Paul

    If you feel the kit doesnt work try Ownit Conveyancing (part of Melville McGregor Lawyers)at Beenleigh.

    Contact 3807 1522 ask for Leonnie and tell i sent you. Their fees are only a little more than the kit you have just bought.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 12:08 am

    Check the Covenants on the land to ensure that the buyer is not required to construct a dwelling within a certain time frame.

    Also you may have to submit the plans to the Vendor to get him to approve the style of home being constructed to ensure it is in keeping with the estate.

    However i think you will find that the sell a ve covenants dictating to whom you can build with would be seen as unfair contract.

    As the guy suggested get your lawyer to look over the Contract.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 10, 2005 - 12:04 am

    Good article redwing

    I am aware of several major lenders who will not accept loans from these brokers.

    Personally i am quiet happy to offer a client a refund of commission in certain circumstances as i look at it as a way of advertising.

    Referral business is an excellent source of business for any broker and i am lucky enough to receive a lot of referals from clients.

    All in all i think it is a personal issue for each broker to think about as he/she knws there business better than anyone else.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 9, 2005 - 11:55 pm

    Bris

    What loan amount are talking about and what type of security is being offered?

    I guess it depends on what rate of interest, terms and conditions you can negoitate in the first place.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

Viewing 20 posts - 11,361 through 11,380 (of 11,968 total)
1 … 565 566 567 568 569 570 571 572 573 … 599