Forum Replies Created
We are just about to settle our first deal in US for a client using a US lender.
So far things have worked well with him and they have lent 100% of value with a 10% CD held in US$.
Interest rate is not bad either.
As long as settlment progress as it should we will open up and take on board other applications from interested investors looking for finance in US.
I own 5 properties in Calif myself and have done for some years so can talk with a bit of experience.
Happy to field emails from investors looking for property or assistance in US finance.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Robert don’t normally disagree with you but
in Qld if the person who entered into a License to Occupy contract replaced the kitchen without the prior consent of the owner he would be in breach of the Contract and would certainly not have a caveatable interest in the property.
Our License to Occupy and Installment Contract are specific in that an any alterations whether requiring Council Planning Permission or not must be approved in writing by us.
Other considerations are when the tenant or wrappee decided to do work on the property in excess of $6600 (I.e replace the kitchen) an owner builders permit is required.
If this is not obtain and the property is sold by us as the tenant decided not to take up his option or the property is reposessed we then become liable.
The easy way to ensure what Jennifer outlined does not happen is to ensur eyou get good legal advice. We insist on a Letter of confirmation advising that the purchaser has obtained Indepedant Legal advice prior to the possession date.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Hi jennifer
And welcome to wrapping in Qld.
I am sorry that find it hard to believe that the person you spoke to was not aware that he was merely signing a License to Occupy or Lease Option Agreement.
I have seen Home First paperwork and whilst I dont disagree that the element of disclosure leaves a lot to be desired the Contracts are quite clear in their wording.
I just wonder if the purchaser had $15,000 to put in a new kitchen and presumably also qualified for the $7000 FHOG he disnt approach a standard lender for his finance assuming his credit was acceptable.
We as a company fully disclosure everything in our wrap contract and sometimes i think we go overboard but compliance is in issue and it is best to er on the side of caution.
We will shortly be releasing a National 105% lending scheme availiable soley to First Home Buyers where their names will be on the deed from Day 1 and will to an extent alleviate some of the concerns wrappees have.
Look forward to hearing how your first few wraps go.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Thanks Robert
The cheque is in the mail.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Big E
Whoever your customer is tell him he couldnt be telling you something further than the truth.
Wrapping is very much alive and well in Qld.Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Oh great perhaps you could help then dazz.
I have a client seeking 90% funding on a golf course on a stand alone security. Applicant is Pty Ltd company with no trading figures but the Direct is a leading retired Qld golfer who is prepared to guarantee the deal.
All of his assets are in his wifes name who is not prepared to become involved in the transaction.
Property is a mortgagee in possession and we need 90% of valuation. I am stuck at 85% at 7.65% variable.
If you could direct me that would appreciated.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
I am the same as you Robert I though we were talking about Joe Blow in the retail shop.
Did a deal with a lender last month for a very strong client and less than 70% LVR with a National Tenant and the deal was set at less than 7% variable.
Those deals are rare and therefore still have interest in your friends product when you get more confidence.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Robert
There are a couple of lodoc commercial lenders that come to mind but i would consider 8% about right.
Guess it all depends on what security they lend against and what the “from 8% goes upto”.
I have done a couple of lodoc commercial deals over the last 2 weeks so always happy to push business your friends way.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Robert
I have already asked Dazzling that in a former post.
The lender that time was CBA who did a commercial deal at 1 below base or 5.7% fixed for 5 years.
I asked perhaps for the benefit of all other readers that we scan the letter of offer with the privacy details removed and we could all see for ourselves.
Unfortunately we are still waiting. Sounds familar. You would think if the lender was doing such great deals they would want to advertise the fact.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Yes funny isnt it Robert.
What happened to all Mr Sampe’s researchers and support members now.
Surely they havent ALL joined Lionel Morris.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
I agree with Robert if you never sell you never really now your property is worth.
To answer Ausprop’s question I assure you that was an item that ASIC investigated (I should now i gave evidence).
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Could always consider a 2nd mortgage cash back and receive circa 14% PA on your investment clients are starting investing with around $14000 cash only.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Derek
On a quick note I assure you the Club has in the past sold property well over valuation.
Over the 10 years they have been in existence they have sold over 130 of our properties in and around Brisbane.
On each and every development I have provided them in writing a certified copy of a HTW valuation undertaken by our Bankers together with our net amount required on the deal. This amount is usually the valuation figure less REIQ commission. On numerous occassions the Club have advised me that they intended to list the property at a higher price and required between $11500 – $15000 commission.
Whilst I accept valuation figures vary from valuer to valuer HTW is accepted in SE Qld as true guide to value.
As a developer my concern is the net figure i am left with after the sale.
This practise is common and still goes on with the latest evidence of this being a property of ours which was settled by the club in Brisbane last Wednesday.
In 10 years I have been asked on 2 separate occassions to provide evidence to the OFT in Qld regarding a variety of proeprties and other schemes originally run by the Club.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Robert
When you attend TIC meeting in Sydney if Kevin is present ask him if Young is his real name. I would be interested in what his current day reply is.
As someone who has had dealing with TIC since its inception i can provide you with evidence of many many properties which have been sold way over valuation price.
I should know i financed most of the deals in the early days and was fed up ringing the clients to tell them the valuation had come in less than the purchase price and asking them to sign an ackowledgement to this effect. The next call the client received was from the support memeber convincing them that all valuers undervalued properties and it was just the way things were done.
Remember in 1995 they only sold property in Brisbane. Thankfully a lot of the proeprties they sold where mine that we had developed and provided them with registered valuations. Usually the property was then listed for sale at a higher price to accomadate theincreased commissions.
The advent of the Lisson Real Estate license did little to kerb the high commissions and the late 90’s saw the breakaway groups all keen for a slice of the action. The Property Investors Group, Wise Financial Management the list goes on.
Nowadays the Clubs Loans hat is worn by brokers who have purchased through the organisation.
I appreciate Dereks faith and committment but wonder whether as a Brisbanite who has had dealing with the organisation for 10 years whether he really knows the real story of the organisation.
I can assure you there are many many clients of mine who wish they had never heard of Kevin Young or whatever his name is.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Heh guys lets hold up there.
I can think of several regional queensland towns where i have good agent contacts which are still enjoying steady capital growth.
As Kerri suggested why not ensure that you loan is one of Principal & Interest and then at least you can reduce the debt as time goes by.
As the debt reduces use the built up equity in the property to purchase again or by using an offset account utilse the acrued funds as a deposit for your own property.
Happy to assist if you need further help please feel free to email me.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Sailesh
We just completed 1 in Carina (9 Townhouses) in 9 months so it can happen if you co-ordinate and plan well.
I however agree you need to be a builder or land banker to make a decent return. I woulnt do a project these days for less than 25% return. Thankfully we land banked over the last 5 years in Brissie and can now reap the rewards.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Nigel
I appreciate your services are to act as a buyers agent for NZ and Australian property but i still can’t agree with you.
You state that you “will get strong capital growth In NZ” well i think that applies here as well. I can think of over a dozen towns in Qld where growth is still happening.
You state that “Wrapping will only get you a high return if you buy a lot of property”. I have many clients who have invested as little as $15000 in our 2nd mortgage cash back scheme and are receiving 15% PA.
Surely when you buy an IP and receive 9% PA by way of a lease purchase the investor requires more than $15000 deposit or equity equivalent.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Fantastic solution Apostle
Out of the 5 posts of yours i have read i can’t see 1 that is actually constructive.
As Terry points out there is a difference in being creative and dishonest or illegal.
Also it is difficult to make a constructive comment when you dont have all the facts to hand. I think what Terry and Robert have written to date is perfectly sensible.
Don’t forget you are more than welcome to put in writing your constructive creative comment.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Surrey
Is your property being constructed by a project builder/ What square metreage is the property.
For a Townhouse develeopment you are probably looking at around $1400 / square metre.
Certainly for a project home you an pay as little as $450 / $600 in oure construction costs but you will get what you pay for.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Kerri
See great Queensland minds think alike.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
